Stocks that were in focus included names like ZEE, which fell 4.15%, Lupin, which declined 2.63%, and Cyient, whose shares increased 10% 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.
ZEE
Shares of Zee Entertainment Enterprises are in a formation of “Symmetrical triangle”, as per the daily chart and a move over 268 could propel price action to show a steep upside to 290 level. On the downside, the stock needs to hold the support of 248 to maintain the momentum.
The weekly setup features a “Flag Pattern”, which has a support of 100-weekly moving average (WMA). The 220 mark retains a positive bias and may see accumulation if crucial supports are broken.
Lupin
The stock has broken out of the “Rising Channel” on the upside, initiating fresh rallies. The stock is poised to rise from a short-term perspective, with support levels forming at 1250 and 1200. The price action suggests a rally towards 1500 level. Surprisingly, the stock continues to garner bullish momentum in the overbought territory of Relative Strength Index.
Cyient
Following a brief consolidation in the range of 1800 to 1600 zone, the stock succeeded to breakout on the upside, exhibiting bullish momentum.Stability over the 2000 level has further gained traction, leading to an optimistic sentiment. The price action is headed to 2350. Support falls at 2100 – 2050.
(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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