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The sector witnessed selling pressure in oil & gas, technology, energy and banks, while some buying was seen in the telecom sector.
The stocks that were in focus included names like
Which fell more than 3 percent, which fell more than 4 percent, and which rose more than 7 percent on Friday.
Viral Chheda, Technical Analyst at SAJ Finance & Securities shares what investors should do with these stocks when the market starts trading today:
Suzlon: Buy
On the longer term chart, we can see from the March 2020 low of Rs 1.70 that the price made an upward move to make a three-year high of Rs 13.4 in January 2022. During this period, the price has increased. A higher top higher bottom formation.
The stock is now seeing some selling pressure and has retraced around 52 per cent of the previous upward rally to hit a low of Rs 7.4 in June 2022. The volumes were quite high during this period. At a low of Rs 7.4, price has taken support of an upward moving trend line and with relatively higher volumes, the price has given some pull back and closed above 50-WMA at Rs 8.49 and we are going further upwards from here. can see.
The Stochastic Oscillator is also moving up. As we can see the formation of a Bullish chart at this level, we can see an upside move above the odd levels of Rs 11-13.
Therefore, we recommend buying this level with a stop loss of Rs 5.5 and further decline of Rs 7.6 for the next 6-8 months with target of Rs 11 and Rs 13.
Indiabulls Housing Finance: Buy
From a low of Rs 81 in March 2020, the price has touched a 2-year high of Rs 313.7 in June 2021. The volumes were quite high during this period. At higher levels, we have seen bears having an upper hand and there was a sharp correction as price traded lower near Rs 105.7 level.
Currently, the price is moving in a consolidation phase. We can see positive divergence at this level and once it crosses above Rs 124 level, we can see further upside to Rs 183 in next 8-12 months.
Hence, we recommend a buy on this level and a drop of Rs 100 on a close basis with a stop loss of Rs 81. Further move towards the odd level of Rs 156 to Rs 183 is expected.
IIFL Finance: Buy
On the weekly chart, we can see that the price has moved in odd levels of Rs 67-100 from March 2020 to January 2021. Once it crossed the range higher, the price gave a sharp upside rally to make 2. -March 2021 at the highest level of Rs 346.
During this the volume was high. Since March 2021, the price has been moving in an upward parallel channel taking support at every higher low and resistance at each higher high.
After taking support at Rs 286 level in May 2022, the price has given some upward move and with higher volumes, the price is in an upward move.
A close above the 20-WMA of Rs 319 could push the stock higher towards the odd level of Rs 396-450. The Stochastic Oscillator is also moving up.
Hence, we recommend buying further at this level with SL of Rs 280 at Rs 318 and we can see Rs 395-450 levels in next 10-12 months.
(Disclaimer: Recommendations, suggestions, views and opinions given by experts are their own. They do not represent the views of The Economic Times)
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