Indian market closed lower on Thursday pushing benchmark indices towards crucial support levels. The S&P BSE Sensex fell more than 300 points while the Nifty50 closed below 16500 levels.

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Sectorally, selling pressure was seen in realty, consumer discretionary, banks, capital goods, consumer durables, and finance.

Stocks that were in focus include HPCL which closed 4 per cent higher, GMDC rallied more than 13 per cent, and India Glycol closed with gains of over 7 per cent on Thursday.

Here's what Mazhar Mohammad, Chief Strategist – Technical Research and Trading Advisory, Chartviewindia.in, recommends investors should do with these stocks when the market resumes trading today:

HPCL: Buy

There seems to be a trading bottom around 260 levels after witnessing a steep correction from the highs of 355 levels registered last November.
 

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Moreover, after forming a recent low of 263 levels, this counter retraced almost 80% of the entire rally from the lows of 244 to 354 levels.

Hence, if the stock sustains above 260 levels, then it can head higher towards 307 levels. A stop-loss suggested for the trade is a close below 268 levels. Even fresh buying also can also be considered.

GMDC: Buy

This counter seems to have registered a consolidation breakout on huge volumes, after witnessing a range-bound move for a couple of weeks.

Hence, if the stock sustains above the intraday low of 140 levels, then it should head higher to test the interim top-placed around 180 levels.

Therefore, positional traders can look to buy now and should prepare to add on a dip into the zone of 150 – 145 levels. A stop-loss suggested for the trade is a close below 140 levels.  

India Glycol: Buy

A sharp upsurge in the price of this counter on the back of relatively higher volumes is hinting that it is on a pullback mode from the recent lows of 726 levels. Hence, sustaining above 770 levels, the strength shall initially extend into the zone of 863 – 882 levels.

Therefore, positional traders are advised to adopt a two-pronged strategy of buying now and adding on dips in the zone of 800 – 785 levels and look for a target of 880. Stop suggested for the trade is a close below 770.  

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