Stocks that were in focus included names like Kotak Mahindra Bank, which rose 1.85%, Laurus Labs, which gained 9.47%, and Vedanta, whose shares declined 3.37% on Monday.
Here’s what Avdhut Bagkar, Derivatives and Technical Analyst at StoxBox, recommends investors should do with these stocks when the market resumes trading today.
Kotak Mahindra Bank — Weak
Following a breakdown of a “Death Cross”, the price action has remained in favour of bears. This bias shall prevail unless 1780 is taken out with decisive volumes, its 50-SMA. A breakdown beneath 1700 could see the addition of shorts, leading the counter towards 1600 to 1560 levels. The present bias towards the stock remains fragile.
Laurus Labs — Bearish
A close below 380 may prompt a sell-off in the counter, eventually breaking the support of 200-SMA set at 350. And when that occurs, the price action may dwindle in bear’s regime. Because of the weakness, the stock could fall in the direction of 325. To confront bearishness, the stock must surpass the 425-level, a major breakout mark.
Vedanta — Weak
Only a clear move over 240 could alter the current bearishness in the stock. Till then, the price action is expected to defend the recent reversal area of 210 – 205. A breakdown below 200 could resume the sell-off, and the counter may enter medium-term bearishness.
(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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