Stocks that were in focus included names like Kotak Bank, which fell 0.37%, IDFC First Bank, which gained 5.78%, and Nazara Tech, whose shares jumped 10.20% on Monday.
Here’s what Riches Vanara, Technical And Derivatives Analyst at StoxBox, recommends investors should do with these stocks when the market resumes trading today.
Kotak Mahindra Bank – Buy
On the weekly chart, the stock has been trading in a range of 3% since the last 4 weeks and the only positive thing in this setup after a sharp sell off is that the stock is not making a new low.
This seems to be a positive sign and can be seen as supply is getting exhausted. The momentum indicators MACD and 14 period RSI is trading at the oversold zone and we may expect some bounce from here.
The stock can rally upto 1820 and 1875 with stops below 1720.
IDFC First Bank – Buy
The stock is witnessing a bull run and making a constructive base near DEMA 10 & 20 before breaking out of the consolidation.We have seen a clear breakout on the daily chart and with that 14 period RSI continues to trade in the bull area.
This compliments the price action. Hence we recommend buying for targets of 103 and 107 with stops below 93.
Nazara Tech – Buy
Stock broke out of the cup and handle pattern in the previous week and we have seen a good follow through this week, making new highs.
We have also seen breakout on relative strength chart in comparison to nifty-50 index and momentum indicators also confirms the bullish momentum.
The stock is ready to touch new highs towards 860 and 895 with stops below 806.
(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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