Trade Spotlight | What should you do with Nazara Technologies, Max Healthcare Institute, Radico Khaitan on… – Moneycontrol
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Profit-booking during the day has resulted in to the off day’s high closing for the equity markets on September 9, the last trading day of the week ended Sunday. The BSE Sensex gained more than 100 points to 59,793, while the Nifty50 rose 34 points to 17,833 and formed Bearish Belt Hold kind of pattern on the daily charts.
The broader markets also ended higher with the Nifty Midcap 100 index rising 0.35 percent and Smallcap 100 index gaining 0.06 percent respectively.
The volatility index India VIX also declined further by 3.2 percent to 17.72 levels, helping the bulls stay at Dalal Street.
Stocks that were in action and outperformed broader markets included Nazara Technologies which surged 11 percent to Rs 735.5 and formed robust bullish candlestick pattern on the daily charts with large volumes, followed by breakout of long downward sloping resistance trend line adjoining January 21, 2021 and September 1, 2022 in previous session.
Max Healthcare Institute was another stock that was in strong in trade on last Friday, climbing 9 percent to Rs 413, the highest closing level since April 29 and formed large bullish candle on the daily charts with above average volumes. Also it has seen a breakout of long downward sloping resistance trendline adjoining earlier multiple swing high points since December 31, 2021
Radico Khaitan was also in focus, rising 4.5 percent to Rs 1,066.6 and forming bullish candle on the daily charts with double the average volumes. The candle has also seen a breakout of long downward sloping resistance trendline adjoining January 1 and August 25 this year.
Here’s what Rajesh Palviya of Axis Securities recommends investors should do with these stocks when the market resumes trading today:
Nazara Technologies
On the daily and weekly time frame, the stock has confirmed the short term trend reversal forming a higher tops and bottoms formation. With the past couple of week’s price action the stock has surpassed its 20, 50 and 100 days SMA (simple moving average) and sustaining above the same indicating positive bias.
With Friday’s up move the stock has decisively broken out its horizontal resistance at Rs 720 on a closing basis indicating upward breakout. This breakout is accompanied with huge volumes indicating increased participation.
The daily weekly and monthly strength indicator RSI (relative strength index) is in bullish mode which signifies rising strength.
Investors should buy, hold and accumulate this stock with an expected upside of Rs 850-920 with downside support zone of Rs 720-660 levels.
Max Healthcare Institute
Since past one year the stock was consolidating with Rs 450-330 levels, however with recent price action the stock has confirmed a “triangular” breakout on a closing basis. This breakout has been confirmed with huge volumes indicating increased participation in the rally.
This buying was observed from its 20, 50, 100 and 200 days SMA support zone which reconfirm bullish sentiments. The daily “Band Bollinger” buy signals suggest increased momentum on the short term charts. The daily and weekly strength indicator RSI is in bullish mode which signifies rising strength.
Investors should buy, hold and accumulate this stock with an expected upside of Rs 440-470 with downside support zone of Rs 400-370 levels.
Radico Khaitan
Two weeks ago, the stock confirmed an “inverse Head & Shoulder” formation at Rs 1,000 levels on a closing basis. However the stock consolidated for a couple of weeks and now with Friday’s gains the stock has regained its momentum.
Currently the stock is well placed above its 20, 50, 100 and 200 days SMA which reconfirmed bullish sentiments.
The daily weekly and monthly strength indicator RSI is in bullish mode which signifies rising strength.
Investors should buy, hold and accumulate this stock with an expected upside of Rs 1,150-1,200 with downside support zone of Rs 1,000-980 levels.
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