Big Movers on D-St: What should investors do with ACC, Indus Tower and Apollo Hospitals?

Indian market closed in the red on Monday tracking mixed global cues. The S&P BSE Sensex fell more than 170 points while Nifty50 managed to hold on to 18300 levels.

Sectorally, buying was seen in metals, realty, IT, healthcare and auto stocks while selling pressure was visible in FMCG, public sector, power, capital goods and utilities.

Stocks that were in focus included names like Indus Tower which rose over 1%,

which gained nearly 2%, and which rose more than 3% on Monday.

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:


ACC: Buy
The stock is in a strong uptrend as it bounced after forming a base around its 38.2% Fibonacci Retracement level of the prior up-move (Rs 2,205-2,515), which was placed at Rs 2,400.

The stock also respected its 20-day EMA and resumed its prevailing rising trend. This could lead the stock towards Rs 2,575 initially and Rs 2,610 subsequently.

The key technical indicators are in favour of the bulls. In case of any decline, the stock will continue to find support around its 20-day EMA, which is currently placed at Rs 2,388.

Apollo Hospitals – BUY
Continuing its prior daily rising trend, the stock rose to a 10-day closing high. Above-average volume and a rise in future open interest signals that major market participants are in favour of the bulls.

The key technical indicators are positively poised on the short-term timeframe chart.

As per the current set-up, the stock may surpass its short-term hurdle zone of Rs 4,625-4,720 and could move towards Rs 4,900 initially and Rs 5,000 subsequently.

On the lower side, the stock will find support around the Rs 4,435-4,370 zone.

Indus Tower- Buy
After a higher level of reversal, the stock found multiple supports around the Rs 184-182 zone. Later, the stock formed a base around that zone and looks poised for a fresh up-move.

This could take the stock towards Rs 208-219-227 levels in the short term. Major technical indicators gave a buy signal post-consolidation.

In case of any decline, the stock will find support around its prior swing low of Rs 184, which coincides with the lowest level of November 2022.

(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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