Shares that have been in focus embody names like GAIL, which rose 7%, Polycab, which fell 4%, and Hindustan Copper, whose shares jumped 8% on Friday.
Here is what Pravesh Gour, Senior Technical Analyst, Swastika Investmart, recommends traders ought to do with these shares when the market resumes buying and selling immediately.
GAIL
The inventory has skilled a breakout from a symmetrical triangle formation on its every day chart, accompanied by sturdy buying and selling quantity. Following a profitable retest of its final breakout stage at roughly Rs. 134, it has initiated a brand new upward rally focusing on Rs 160 ranges.
The inventory is exhibiting a basic upward motion, supported by a good total construction, buying and selling above key shifting averages, and forming greater highs and better lows. The momentum indicator RSI (relative power index) is indicating constructive momentum, and the MACD (shifting common convergence and divergence) is present process a bullish centerline crossover.
On the upside, Rs 160 is a major psychological stage. A breach of this stage might propel the inventory to Rs 180 or greater within the near-short time period. Conversely, on the draw back, Rs 134 is recognized as a serious help stage that’s probably to offer a powerful cushion throughout any corrective strikes.
Polycab – Bullish
The counter is in a classical uptrend, however travelling within the lengthy consolidation vary of 4800–5800. The counter’s construction seems to be good, and it’s buying and selling above all its necessary shifting averages.
On the higher aspect, Rs 5800 is an instantaneous resistance; above this, we are able to count on a giant transfer until Rs 6000+ within the shorter time-frame, whereas on the draw back, Rs 4500 is the demand zone for any correction.
The momentum indicator RSI (relative power index) can also be positively poised, whereas MACD (shifting common convergence divergence) helps the present power.
Allcargo Logistics – Bullish
On a broader time-frame, the inventory is rising from a symmetrical triangle sample with vital buying and selling quantity. The general construction is extremely engaging, characterised by sustained buying and selling above essential shifting averages. Seeking to the upside, there may be an instantaneous resistance zone at 380.
If this stage is surpassed, a possible upward motion in direction of 400 ranges is anticipated within the brief time period. Conversely, Rs 245 stands out as a considerable help stage, offering a strong basis for any corrective strikes. The momentum indicator RSI (relative power index) additionally signifies constructive momentum, whereas the MACD (shifting common convergence divergence) reinforces the present power of the inventory.
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(Disclaimer: Suggestions, strategies, views and opinions given by the specialists are their very own. These don’t signify the views of Financial Instances)
