stock recommendations: Big Movers on D-St: What should investors do with Cummins India, Birla Cable and Aegis Logistics?


Indian market closed in the green on Friday for the second consecutive day. The S&P BSE Sensex rose more than 200 points while Nifty50 closed just a shade below 17,800 levels.

Sectorally, buying was seen in auto, energy, oil & gas, and infrastructure while selling was seen in metals, IT, banks, and telecom stocks.

Stocks that were in focus included names like

which was up more than 3%, which closed with gains of more than 8%, and which ended with gains of nearly 6%.

Here’s what Pravesh Gour, Senior Technical Analyst, . recommends investors should do with these stocks when the market resumes trading today:

Cummins India: Buy
The counter has given a breakout from a long channel formation on the daily chart while on the weekly chart, it has witnessed a bullish flag pattern with a huge volume breakout.

The structure of the counter looks classical as it is trading from all its principal moving averages.

On the higher side, the stock is facing susceptibility around Rs 1,420. Above this, we can expect a long rally till Rs 1,454 while on the lower side, Rs 1,200 is the crucial support level in any correction.

Birla Cable: Buy
The counter has witnessed a breakout of triangle formation on the daily chart. After a breakout of the Inverse head & shoulder, it has retested its previous breakout level at around Rs 140.

The overall structure of the counter looks very lucrative on the chart. Moving averages and momentum indicators are also supporting the trend.

On the upside, Rs 157 is an immediate resistance area. Above this, we can expect a run-up towards Rs 174 levels in the near term.

On the downside, a cluster of moving averages forming the base at around the Rs 127 level act as major support.

Aegis Logistics: Buy
The counter is in a classical uptrend, as it has seen higher highs & higher lows formation. It also witnessed a breakout of ascending triangle formation with a descent volume on the daily chart.

The structure of the counter is very bullish as it trades above all important moving averages. An investor can take a position at the current level of Rs 317 with a stop loss of Rs 290 for the target of Rs 350-374 in the near-term.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)


Read original article here

Denial of responsibility! Secular Times is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – The content will be deleted within 24 hours.

Leave a comment