Elecon Engineering share price: Big Movers on D-St: What should investors do with Elecon Engineering, Mazagon Dock and Bharat Electronics? – Blue Barrows

Indian market pared gains and closed flat with a positive bias on Friday. The S&P BSE Sensex failed to hold on to 59,000 while the Nifty50 closed below 17,600.

Sectorally, buying was seen in metals, consumer durables, public sector, capital goods, and power stocks while some selling was seen in realty, FMCG, and healthcare.

Stocks which were in focus include Bharat Electronics which hit a 52-week high,

which rose more than 6 per cent, and Mazagon Dock which rallied nearly 13 per cent on Friday.

Here’s what Santosh Meena, Head of Research,

recommends investors should do with these stocks when the market resumes trading today:

Elecon Engineering: Buy
In Friday’s trading session, the counter has given a breakout of the triangle formation. The overall structure of the counter looks remunerative, as it trades above all its important SMA moving averages. The demand zone is near Rs 326.

On the upside, Rs 400 is an immediate resistance area; above this, we can expect a run-up towards Rs 500+ levels in the near term. On the downside, if it will break the Rs 326 level then Rs 300 is the next critical zone.

Mazagon Dock: Buy
The stock has witnessed a breakout of a bullish inverse head and shoulder formation with the surge in volume on the daily chart and retested its neckline support around Rs 300.

Now it is starting the next leg of a rally where Rs 380 is an immediate resistance level; above this, we are expecting a move towards the Rs 450+ level. On the downside, Rs 300 is major support for any correction.

MACD (Moving average convergence divergence) is supporting the current strength whereas momentum indicator RSI (relative strength index) is also positively poised.

BEL: Avoid

The counter is in a classical bull run. In Friday’s trading session, the stock gave a breakout of an 8-day consolidation and closed at an all-time high level of around Rs 305.

The overall structure is very bullish as it trades above its all-important moving averages. At the current level, a new position in the counter is not recommended; wait for a healthy correction around Rs 260 for the target of Rs 350+ for the long term.

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