Stocks that were in focus included names like ZEE, which rose 0.06%, SBI Card, which declined 5.05%, and IDFC First Bank, whose shares dropped 3.08% on Monday.
Here’s what Avdhut Bagkar, Derivatives & Technical Analyst at StoxBox, recommends investors should do with these stocks when the market resumes trading today.
ZEE – Rangebound
Following a support at 100-SMA located at 238, the price action must now exceed the hurdle of 50-SMA placed at 265. When that occurs, a rally towards the fresh highs of 294 can’t be overlooked. Trent is still vulnerable within this tight range of significant moving averages.
SBI Card – Weak
The broader outlook took a toll when the stock fell beneath the 200-SMA placed at the 808-level. The trend favors bearish bias unless the selling pressure sited near the 808-mark is overhauled. Moreover, operating under 770 could trigger more sell-offs in the counter. The next support tumbles at the 700 level.
IDFC First Bank Ltd – Weak
The recent breakdown in stock failed to hold ground near its 50-SMA or 100-SMA. The positive momentum is steadily fading implying a bearish bias for the stock. The next support comes to 73, its 200-SMA. To recoup the losing bias, the stock must find ground and trade sideways. Major breakout materialises over 94.
(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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