Buy, Sell or Hold: What should investors do with JSW Energy, Zomato and InterGlobe Aviation?

Indian market closed with a loss of more than 1 per cent on Friday pushing Nifty and Sensex towards crucial support levels. The S&P BSE Sensex fell more than 700 points while the Nifty50 closed below 17400.

Sectorally, selling pressure was seen in IT, consumer durables, realty and telecom stocks. The S&P BSE Mid-cap index closed 1.8 per cent lower while the S&P BSE Small-cap index fell nearly 2 per cent.

See Zee Business Live TV Streaming Below:

Stocks that were in focus include JSW Energy which closed with gains of 5 per cent, Zomato fell over 6 per cent and InterGlobe Aviation rose over 1 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:

JSW Energy: Buy

For the last couple of months, the stock has been hovering between 290 to 315 price ranges. On last Thursday, the stock not only clear the resistance of 315 but succeed to close above the same which was broadly positive.

Post the breakout, it has maintained breakout continuation formation and on Friday despite weak market conditions, it rallied nearly 5 percent.  

A promising price-volume range breakout formation indicates a strong possibility of the further uptrend from current levels.

For the breakout traders now, 325 and 330 would act as a trend decider level. Above which the JSW Energy Ltd. could hit the level of 360-370.

Zomato: Sell

After a sharp fall, from 135 to 90 the stock is consolidating within the range of 85 to 95 price range.

On the daily and intraday charts, the stock consistently faced selling pressure at a higher level, and it also formed a lower top formation which is broadly negative for Zomato Ltd.  

Direction-wise, the trend is still on the downside, and only after the level of 93, a fresh pullback rally possible. On the other side, below 93 the correction wave is likely to continue till 85-81.

InterGlobe Aviation: Buy

After a short-term correction, the stock took the support near the 200-Day SMA and reversed sharply. In this month so far, InterGlobe Aviation Ltd has rallied over 21 percent.

In addition, on daily and weekly charts, the stock has formed a robust breakout continuation formation.

For the swing traders, 2180 and 2200 would be the important level to watch out. Above the same, the uptrend wave will persist till 2350.

Further upside may also continue which could lift the stock up to 2450. On the flip side, below 2180 bulls may prefer to exit out from trading long positions.

(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.)