Sectorally, shopping for was seen in banks and metals whereas promoting was seen in telecom, realty, utilities, and energy shares.
Shares that had been in focus embody names like Bandhan Financial institution which was down by over 5%, Kalyan Jewellers which fell practically 10% and Glenmark Pharma which was up over 2% on Tuesday.
This is what Viral Chheda, Technical Analyst, SAJ Finance & Securities recommends traders ought to do with these shares when the market resumes buying and selling immediately:
Bandhan Financial institution: Promote on RiseFrom the excessive of 255 degree made in December 2022, the inventory witnessed some selloff because it corrected to make a 52-week low of 207 odd ranges in February 2023.
The value has made a Decrease High Decrease Backside Sample throughout this correction. Within the present week, the worth breached the earlier 52-week low of 197 and corrected additional to make lows of 186 odd ranges with excessive volumes.
Value is at present witnessing extra promoting strain and has additionally moved beneath all three main averages of 20-DMA, 50-DMA, and 200-DMA.The RSI Oscillator can be shifting in a downward development, indicating decrease ranges may be seen additional. Therefore, we might keep away from shopping for at this degree and might promote on the rise round 215 odd ranges for correction until 165-150 odd ranges within the subsequent 2-3 months. Kalyan Jewellers: AvoidAfter making a double-top round 133 odd ranges in December 2022, the worth has witnessed some selloff because it made a low of 103 odd ranges.
From the lows, the inventory gave some pullback because it retraced virtually 70% of the earlier rally to make a excessive of 124 odd ranges.
Within the final 5-7 days, the worth moved within the vary and the worth gave a pointy correction to make two month low of 105.6 ranges this week together with excessive volumes.
The inventory is at present witnessing extra promoting strain and has additionally moved beneath the 20-DMA and 50-DMA of 115.1 ranges which signifies extra draw back from right here.
The RSI Oscillator can be shifting in a downward development indicating decrease ranges may be seen. Therefore, we might keep away from shopping for at this degree and might promote on rises round 112-115 odd ranges for correction until 100-95 odd ranges within the subsequent 2-3 months.
Glenmark Pharma: BuyFrom the low of 369 odd ranges, the inventory has given a pointy upside rally to make a 10-month excessive of 454 odd ranges. Volumes had been fairly excessive throughout this era.
From the excessive value, it witnessed some sell-off because it retraced virtually 39% of the earlier rally to make a low of 414 odd ranges. After making double backside round 414 odd ranges, the worth gave some pullback.
Within the final 5-8 buying and selling classes, the inventory has fashioned a Flag Sample. The RSI Oscillator is shifting in an upward development together with a rise in quantity indicating additional upside from right here.
Therefore, we might purchase on the present degree and extra at dips of 430 with a cease lack of 410 on a weekly closing foundation for an upside degree of 500-550 within the subsequent 6-8 months.
(Disclaimer: Suggestions, strategies, views, and opinions given by consultants are their very own. These don’t characterize the views of the Financial Instances)
