Stocks that were in focus included names like Novartis India, which rose 15.44%, Global Health, which fell 2.9%, and YES Bank, whose shares declined 4.58% on Monday.
Here’s what Avdhut Bagkar, Derivatives & Technical Analyst at StoxBox, recommends investors should do with these stocks when the market resumes trading today.
Novartis India Ltd
The counter has delivered a breakout on a Relative Strength Index (RSI) set-up, with aggressive volume build-up. The trend is highly robust, expecting to rally in the direction of 1500. Until the price retains the support of 1000 mark, the bias stays bullish for the stock.
Global Health Ltd
The price is displaying strong momentum post surpassing the 1000 mark. This move is suggesting a medium-term bull run that could fetch 2000 level. Immediate support emerges at 1300, followed by 1150. The bias remains buy on dip, as the strength indicator, Relative Strength Index (RSI) dominates the sell-off in the overbought category.
YES Bank
Despite the counter encountering selling pressure around the 32 mark, the underlying momentum remains resilient until the support of the 50-simple moving average (SMA) set at 24 is defended. The immediate hurdle now falls at 30, followed by the 32 mark. The present momentum could see accumulation emerging in the range of 27 – 25 range. A breakout over the 32 mark shall trigger fresh signals to 37 – 40 range.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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