Sectorally, selling was seen in utilities, power, realty, public sector, and banks. Stocks that were in focus included names like
, which rose over a per cent and is trading near 52-week highs, M&M Financial, which fell more than 13 per cent, and , which rose 0.5 per cent on Friday.
Here’s what Pravesh Gour, Senior Technical Analyst,
, recommends investors should do with these stocks when the market resumes trading today:
The counter has given a breakout from a bullish inverse Head & Shoulder formation on the daily chart; however, it has given a meaningful correction to retest the previous breakout level of 180.
Now, it is starting the next leg of a rally where Rs 210 is an immediate multi-month resistance level. We are expecting a move towards the Rs 230 level if the stock manages to close above Rs 210. On the downside, Rs 175 is major support for any correction.
M&M Financial: Avoid
The counter gave a major breakdown from the 52-week high after making a gravestone Doji candle on the daily chart. In Friday’s trading session, the counter has broken below important moving averages (9, 20, 44-Days SMA).
Presently, the stock has taken support from its last breakout level of around Rs 190 at 100-SMA. On the downside, Rs 180 is the important support in the near term, while on the upside, Rs 220 is the susceptible area.
Tata Steel: 100 will act as support
The counter has been in the consolidation phase for the last two months and has taken support around its 100-SMA. It is facing trend line resistance on the daily chart.
On the upside, it is having resistance around Rs 110-112 levels; above this, we can expect a move towards Rs 125 level. On the downside, Rs 100 is the psychological support level.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)