Sectorally, buying was seen in metals, capital goods, telecom, banks, realty, and finance stocks while selling was visible in oil & gas, as well as power stocks.
Stocks that were in focus include names like
which rose over 8 per cent, which gained over 7 per cent, and which closed with gains of more than 3 per cent. All stocks hit a fresh 52-week high.
Here’s what Jatin Gohil, Technical and Derivative Research Analyst at Securities recommends investors should do with these stocks when the market resumes trading today:
Triveni Turbine – Buy
Continuing its prior daily rising trend, the stock not only surpassed its medium-term supply zone (placed between Rs 224 and 232), but also recorded a new high of Rs 243.
The stock is positively poised above its major moving averages. The key technical indicators are in favour of the bulls on long-term as well as medium-term timeframe charts.
A stable move above that supply zone could lead the stock towards Rs 290 initially and Rs 310 subsequently in the medium-term.
In case of any decline, the stock will continue to find support around its 20-day EMA, which is currently placed at around Rs 200.
Fresh long positions can be initiated on dips while existing ones can be trailed with its 20-day EMA for a probable rise.
Karur Vysya Bank – Buy
For the month ended July, the stock surpassed its downward sloping 50-month EMA and moved higher, subsequently. On Monday, the stock moved to a fresh 3-year high of Rs 74.
The stock witnessed a bullish moving average ribbon crossover in mid-July (between its 20-day, 50-day, 100-day, and 200-day EMAs) and later, moved higher respecting that ribbon.
The key technical indicators are positively poised on long-term as well as medium-term timeframe charts. The stock has the potential to move towards Rs 83 initially and Rs 90 subsequently.
In case of any decline, its 20-day EMA will work as a strong reversal point, which is currently placed at Rs 65.
Fresh long positions can be initiated on dips while existing ones can be trailed with its 20-day EMA for the desired action.
Federal Bank – Sell
In late July, the stock surpassed its medium-term supply zone (placed between Rs 108 and Rs 104) and formed a base above that zone.
Later, the stock resumed the up move after utilising that base formation, which took it to 4.5-year high of Rs 123. The stock is near its lifetime-high of Rs 128.
The key technical indicators tested the overbought zone on medium-term as well as short-term timeframe charts and are on the verge of a reversal.
As per the current set-up, the stock may witness profit booking before a fresh up-move starts. This could drag the stock towards a 20-day EMA initially and 50-day EMA subsequently, which are placed at Rs 112 and Rs 106, respectively.
However, a stable move above its lifetime-high will invalidate probable short-term decline.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)