Indian market closed in the green on Friday for the fourth consecutive day in a row. The Nifty50 closed above 16600 levels.

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Sectorally healthcare, public sector, oil & gas, and metal stocks saw buying interest while selling was seen in auto, telecom, and IT stocks.
 

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Stocks that were in focus include BSE which closed with losses of over 2 per cent, GNFC rallied over 12 per cent and Vadilal Industries rose over 3 per cent on Friday.

Here's what Amol Athawale, Deputy Vice President - Technical Research, Kotak Securities Ltd, recommends investors should do with these stocks when the market resumes trading today:

BSE: Buy

The stock has rallied over 40 per cent so far in this quarter. After breaching 2400 price with strong volumes, prices rose sharply. Post the breakout, the stock rallied over 15 per cent.  

On the daily and intraday time frame, the stock has formed a breakout continuation formation. The texture of the pattern suggests that the uptrend momentum will continue in the near term if the stock succeeds to trade above the 2550 level.

For the swing traders now, 2550 would be the immediate support level. If the stock trades above the same, then we could expect the uptrend continuation wave up to 2900. Further upside may also continue which could lift the stock up to 3000.  

GNFC: Hold

On March 11th, the stock made yet another all-time high of 715.75. The stock has already rallied by nearly 40 per cent so far in this month.

The important point is that the stock not only surpassed its previous 52 week high of 577.90 but comfortably sustained above the same.  

On the daily and intraday charts, the stock is holding higher high and higher low series formation which is broadly positive for GNFC Ltd.  

However, on a short-term time frame, momentum indicators indicate that the stock is in an overbought zone and there are high chances of a quick short-term price correction.

If the stock starts trading below 660 then a short-term correction cannot be ruled out. For the next few trading session, 660 would be the trend decider level for the bulls.

If it manages to hold above Rs 660 then we could expect a continuation of the uptrend towards 735-775. On the flip side, a dismissal of 660 could possibly trigger quick short-term correction up to 620-602.

 

Vadilal Industries: Hold

On the daily and weekly charts, the stock is making a higher bottom formation which is broadly positive. But, post strong breakout, the stock is now hovering between the 1200 to 1450 price range.

Currently, the stock is witnessing a non-directional activity. Traders are waiting for either side breakout. For the bulls, 1465 would be the important breakout level to watch.

If the stock manages to close above the same, then we can expect a quick uptrend rally towards 1525-1575. On the flip side, a close below 1300 may increase further weakness up to 1250-1200.

(Disclaimer: The views/suggestions/advice expressed here in this article are solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)