Sectorally, buying was seen in auto, consumer durables, FMCG, and capital goods while some selloff was seen in metals, IT, and utilities.
Stocks that were in focus include names like
, which closed with gains of nearly 1 per cent ahead of June quarter results, Adai Enterprises which rose 0.8 per cent, and which pared gains after hitting a fresh 52-week high.
Here’s what Santosh Meena, Head of Research, recommends investors should do with these stocks when the market resumes trading today:
HDFC Bank: 50-DMA of 1350 is an immediate support
The counter is bottoming out with a double bottom formation where it needs to cross the neckline of Rs 1400 to gain bullish momentum towards the 200-DMA of Rs 1460 level.
On the downside, 50-DMA of Rs 1350 is immediate support while Rs 1300 is a major base. If we look at the momentum indicators, then MACD and RSI are holding above key levels, but they need to show momentum for any significant strength.
Adani Enterprises: Rally towards 2500-2770 levels
The counter is in a strong bullish momentum where it took support at 100-DMA and created a strong base followed by a minor pullback and now it is again resuming its momentum for a fresh all-time high.
On the upside, the previous swing high of Rs 2421 is an immediate hurdle then we can expect a rally towards Rs 2500/2770 levels. On the downside, the Rs 2300-2250 area has become a strong demand zone.
Adani Transmission: Rally towards 3300-3700 levels
The counter is in a strong bullish momentum where it took support at 200-DMA and created a strong base followed by a healthy correction and now it is again resuming its momentum for a fresh all-time high.
On the upside, the previous swing high of Rs 3000 is an immediate hurdle. After that, we can expect a rally towards Rs 3300/3700 levels. On the downside, the Rs 2600-2500 area has become a strong demand zone.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)
