Stocks that were in focus included names like NMDC, which rose 5.42%, Britannia, which rose 0.1%, and Laurus Labs, whose shares jumped 0.14% on Thursday.
Here’s what Amol Athawale, VP-Technical Research at Kotak Securities, recommends investors should do with these stocks when the market resumes trading today.
NMDC – Buy
Last Thursday, the stock registered a fresh 52–weeks high of 159.90, and this week so far, the stock rallied nearly 10 percent. On daily and weekly charts, the stock has formed a long bullish candle and it is also holding an uptrend continuation formation which is largely positive.
For the breakout trades now, 152-150 would be the key support levels to watch out. Above the same, the stock could move up till 170-180 on the flip side, below 150 traders may prefer to exit out from the trading long positions.
Britannia – Neutral
After a long correction, the stock is witnessing range bound activity near 200 day SMA ( Simple Moving Average ) . Technically, the stock has formed a double bottom kind of formation which indicates strong possibility of fresh uptrend rally from the current levels.
We are of the view that, the stock completed one leg of correction and if it succeeds to trade above the 200 day SMA then it could move up till 4700-4750. For the positional traders 4425 would act as a sacrosanct support level. Below the same, uptrend would be vulnerable.Laurus Labs – Buy
After a short-term correction, eventually the stock took the support near the 50 day SMA (Simple Moving Average) and reversed.
Technically, the stock is witnessing positive consolidation near the 50 day SMA. The short-term texture of the charts indicates strong possibility of fresh uptrend rally from the current levels.
We are of the view that, as long as the stock is trading above a 50 day SMA or 390 the positive sentiment is likely to continue. Above the same, the stock could rally till 415-420. On the flip side, below 390 the selling pressure is likely to accelerate.
Below the same, it could retest the level of 380.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)