Stocks that were in focus include names like GAIL, which rose 7%, Polycab, which fell 4%, and Hindustan Copper, whose shares jumped 8% on Friday.
Here’s what Pravesh Gour, Senior Technical Analyst, Swastika Investmart, recommends investors should do with these stocks when the market resumes trading today.
GAIL
The stock has experienced a breakout from a symmetrical triangle formation on its daily chart, accompanied by robust trading volume. Following a successful retest of its last breakout level at approximately Rs. 134, it has initiated a new upward rally targeting Rs 160 levels.
The stock is exhibiting a classic upward movement, supported by a favorable overall structure, trading above key moving averages, and forming higher highs and higher lows. The momentum indicator RSI (relative strength index) is indicating positive momentum, and the MACD (moving average convergence and divergence) is undergoing a bullish centerline crossover.
On the upside, Rs 160 is a significant psychological level. A breach of this level could propel the stock to Rs 180 or higher in the near-short term. Conversely, on the downside, Rs 134 is identified as a major support level that is likely to provide a strong cushion during any corrective moves.
Polycab – Bullish
The counter is in a classical uptrend, but travelling in the long consolidation range of 4800–5800. The counter’s structure appears to be good, and it is trading above all its important moving averages.
On the upper side, Rs 5800 is an immediate resistance; above this, we can expect a big move till Rs 6000+ in the shorter time frame, while on the downside, Rs 4500 is the demand zone for any correction.
The momentum indicator RSI (relative strength index) is also positively poised, whereas MACD (moving average convergence divergence) supports the current strength.
Allcargo Logistics – Bullish
On a broader time frame, the stock is emerging from a symmetrical triangle pattern with significant trading volume. The overall structure is highly attractive, characterised by sustained trading above crucial moving averages. Looking to the upside, there is an immediate resistance zone at 380.
If this level is surpassed, a potential upward movement towards 400 levels is anticipated in the short term. Conversely, Rs 245 stands out as a substantial support level, providing a solid foundation for any corrective moves. The momentum indicator RSI (relative strength index) also indicates positive momentum, while the MACD (moving average convergence divergence) reinforces the current strength of the stock.
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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)