Sectorally, buying was seen in IT, capital goods, the public sector, and banks while selling was visible in power, utilities, realty, and telecom.
Stocks that were in focus include names like
which was up nearly 7%, rose nearly 2% to hit a fresh 52-week high, and M&M Financial Services hit a fresh 52-week high on Thursday.
Here’s what Amol Athawale, Deputy Vice-President – Technical Research, Kotak Securities Ltd recommends investors should do with these stocks when the market resumes trading today:
Cummins India: Buy
Last Thursday, the stock opened with a gap up and made a fresh all-time high of 1618. In this week so far, it has rallied nearly 10%.
Promising higher bottom formation on daily charts and long bullish candle on weekly charts indicating further uptrend from the current levels.
For the trend-following traders now, 1530 would act as a key support zone. Above this, the uptrend wave is likely to continue till 1625-1650. On the flip side, below 1530 traders may prefer to exit from the trading long positions.
KPIT Technologies: Buy
The stock has rallied over 15% so far this month. Last Thursday, the stock registered a fresh all-time high of 830.
A promising uptrend continuation formation and bullish candle on the weekly chart support further uptrend from the current levels. for the bulls now, 795-790 would be the sacrosanct support zone.
Above this, the stock could move up to 850-860. On the flip side, below 790 uptrends would be vulnerable.
M&M Finance: Profit booking expected
Post-short-term correction, the stock took support near the 50-day SMA (Simple Moving Average) and bounce back sharply. After a promising reversal, the stock rallied over 15% in this month so far.
The short-term texture of the chart is strong but mildly overbought, hence we could see some profit booking at higher levels.
For traders, as long as the stock is trading above 260 the uptrend formation is likely to continue.
Above the same it could move up to 280 further upsides may also continue which could lift the stock to 290. On the flip side, below 260 it could slip to 250-245.
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)