Trade Spotlight | What should you do with MTAR Technologies, Varun Beverages, Aditya Birla Capital on… – Moneycontrol
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Bulls took a breather on December 2 after consistent northward journey in previous 8 sessions in a row. Weak global cues and profit taking in select key sectors like auto, FMCG, technology and select private banking & financial services weighed on market sentiment.
The BSE Sensex declined more than 400 points to 62,868, and the Nifty50 corrected more than 100 points to close tad below 18,700 level, whereas the broader markets performed better than benchmarks.
The Nifty Midcap 50 index gained seven-tenth of a percent, Midcap 100 index nine-tenth of a percent, and Smallcap 100 index six-tenth of a percent.
We have selected three stocks for trade spotlight which were in action on Friday. This included MTAR Technologies which climbed more than 8.5 percent to Rs 1,738, the highest closing level since April 13 this year, and formed robust bullish candle on the daily charts with healthy volumes. In fact, it has seen a strong break out on Friday after consolidation in last one week and also there was a break out of long downward sloping resistance trend line adjoining January 3 and November 29 this year.
Varun Beverages shares rallied 4 percent to end at record closing high of Rs 1,319 and formed long bullish candle on the daily charts with above average volumes. Also it has continued making higher highs higher lows for third straight session. If we see the monthly charts, overall it has been in a gradual uptrend with intermittent correction and consolidation since April 2020.
Aditya Birla Capital was also in focus, rising more than 4 percent to Rs 151.70, the highest closing level since May 10, 2018. It has seen strong bullish candle on the daily charts with healthy volumes. It has been in an uptrend since November 25, especially after decisively breaking out long downward sloping resistance trend line adjoining November 7, 2017 and November 10, 2022.
Here’s what Rajesh Palviya of Axis Securities recommends investors should do with these stocks when the market resumes trading today:
MTAR Technologies
With Friday’s strong upmove, the stock has decisively broken out past four months consolidation range (Rs 1,710-1,525) on a closing basis. This huge breakouts is accompanied with huge volumes representing increased participation. This buying momentum was observed from its 20, 50 and 200-day SMA (simple moving average) support zone around Rs 1,580 levels.
The daily “band Bollinger” buy indicates increased momentum. On the weekly basis, the change of trend has been confirmed on a closing basis. The daily, weekly, monthly strength indicator RSI (relative strength index) is in bullish mode and sustaining above 50 mark indicating sustained strength across all the time frames.
Investors should buy, hold and accumulate this stock with an expected upside of Rs 1,870-1,930 with downside support zone of Rs 1,570-1,500 levels.
Varun Beverages
The stock is in strong uptrend across all the time frame forming a series of higher tops and bottoms. With past couple of sessions’ up move the stock is well placed and sustaining above its “multiple resistance zone” of Rs 1,220 levels on a closing basis.
The stock is sustaining above 20, 50, 100 and 200-day SMA which reconfirms bullish trend. The daily, weekly, monthly strength indicator RSI is in bullish mode and sustaining above 50 mark indicating sustained strength across all the time frames.
Investors should buy, hold and accumulate this stock with an expected upside of Rs 1,410-1,490 with downside support zone of Rs 1,220-1,140 levels.
Aditya Birla Capital
With previous week’s strong gains, the stock has surpassed its almost two years “multiple resistance” zone of Rs 140 levels on a weekly closing basis. This breakout is accompanied with huge volumes indicating increased participation on a breakout.
The daily, weekly, monthly strength indicator RSI is in bullish mode and sustaining above 50 mark indicating sustained strength across all the time frames. The weekly and monthly “band bollinger” buy signals show increased momentum on a larger time frame.
Investors should buy, hold and accumulate this stock with an expected upside of Rs 170-185, with downside support zone of Rs 140-130 levels.
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