Sectorally, the rally was seen in metals, energy, oil & gas, IT and consumer discretionary.
Stocks in focus include:
which hit a new 52-week high, rose more than 8 percent to a new record, and contributed more than 7 percent.
Here’s what Santosh Meena, Head of Research, recommends investors do with these stocks when the market resumes trading today:
TVS motor: buy | Support placed at Rs 800
The counter has seen strong traction from the past few trading sessions that has pushed the stock above all of its large exponential moving averages on the daily chart.
The stock witnessed a Cup & Handle pattern breakout on the weekly chart and retested the breakout, providing a bullish signal on the counter.
The stock has the potential to exceed its psychological level of Rs 1000 in the near term. If it breaks Rs 1000 then we can expect Rs 1200 as the next sensitive level. Downside is that Rs 800 is the main support level.
SBI Life: Buy
The stock has breached a bullish inverse head-and-shoulder formation with the volume surge on the daily chart. The stock has also formed higher top and bottom formations on the weekly chart.
The pattern suggests an immediate target of Rs 1350 while it has the potential to move further upwards to the Rs 1400 level. On the other hand, Rs 1170 will be an immediate support level.
MACD (Moving Average Convergence Divergence) supports current strength, while the momentum indicator RSI (Relative Strength Index) is also positively balanced.
Tata Steel: Buy | Support placed at Rs 88-94
The counter has breached a rounding button on the daily chart. The overall structure of the counter looks lucrative as it trades above the 9, 20 and 50 SMA averages.
On the upside, Rs 110 is an immediate resistance zone; above that, we can expect a Rs 130+ level in the near term. On the other hand, if it drops below the Rs 100 level, then Rs 94/88 are the next support levels.
(Disclaimer: The experts’ recommendations, suggestions, views and opinions are their own. They do not represent the views of Economic Times)