trading ideas: Big Movers on D-St: What should investors do with Nazara Technologies, Max Healthcare and Adani Ports? – Blue Barrows

Indian market closed in the green for the second consecutive day on Friday. The S&P BSE Sensex rose more than 100 points while the Nifty50 reclaimed 17800 levels.

Sectorally, buying was seen in IT, banks, metal, auto, public sector, and healthcare stocks while some selling was visible in telecom, utilities, power, and realty space.

Stocks that were in focus included names like

which gained more than 11 per cent, which gained over 9 per cent, and which closed with gains of over 2 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:

Nazara Technologies: Buy
The counter is bottoming out with a W-bottom formation followed by a healthy correction where it closed above the hurdle of Rs 725 with heavy volume.

On the upside, Rs 800-830 is an immediate resistance area. Above this, we can expect a rally towards Rs 930-1060 levels.

On the downside, Rs 680-640 should act as a strong support zone at any pullback. Momentum indicator, RSI, is showing bullish momentum and trading above the 60 mark whereas MACD is trading above the center line.

Max Healthcare: Buy
The counter is witnessing the breakout of classical symmetrical triangle formation after a long period of consolidation and now it is ready for a fresh leg of the rally.

On the upside, Rs 433-460 are immediate resistance levels, however, the stock has the potential to move further higher. On the downside, Rs 390-380 will act as an immediate demand zone while Rs 350 is a major base.

MACD has witnessed a positive crossover above the center line to support the latest breakout whereas RSI is also positively poised.

Adani Ports: Buy
The counter is showing strong bullish momentum and is ready to come out of more than 1-year of consolidation with a fresh lifetime high that may lead to a fresh expansion phase where Rs 1000 looks like an imminent target.

On the downside, rising 20-DMA will act as strong support which is currently placed at Rs 840 level. It is trading above its all-moving averages with a positive bias in momentum indicators.

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