RIL Share Price: Big movers on D-ST: What should investors do with RIL, MRPL and ONGC?

[ad_1]

The Indian market closed in the red mark for the third consecutive day on Friday. S&P BSE Sensex closed below 53,000 while Nifty 50 made some losses and closed above 15,750 level.

Sectorally, buying was witnessed in FMCG, realty, finance, consumer discretionary and IT stocks, while selling was witnessed in energy, oil and gas and public sector companies.

Stocks that were in focus included

Which fell more than 7 percent, which was down about 10 percent, and which saw a decline of more than 13 percent.



Here’s what senior technical analyst Pravesh Gaur suggests investors should do with these stocks when the markets start trading today:


Industry: Slipped below 200-DMA
The counter has slipped below its 200-DMA which is not an encouraging sign. However, Rs 2375-2300 is a strong demand zone.

, Back to recommendation stories

If Reliance manages to hold this zone, we can expect a bounce otherwise there will be a risk of a move towards the Rs 2,180 level. On the upside, Rs 2,500-2,600 has become a key supply zone where it needs to break out of the Rs 2,600 level for fresh upside.

MRPL: 20-DMA of 95 is a major hurdle
After a strong run-up, it is getting top out with a counter head and shoulder formation where Rs 75 is the neckline support. Below this, we can expect a vertical decline towards the Rs 65/60 level.

On the upside, the 20-DMA of 95 has acted as a major hurdle. The momentum indicators are also seeing a negative crossover followed by a negative divergence.

ONGC: Expected to move towards Rs 107 level
The counter is trending towards a short-term bearish trend as it is trading below its all-important moving average, however, Rs 130-125 is an immediate and strong demand area where the bulls will try to fight.

Below Rs 125, we can expect a move towards the Rs 107 level. On the upside, the Rs 150 level will act as a major resistance.

(Disclaimer: Recommendations, suggestions, views and opinions given by experts are their own. They do not represent the views of The Economic Times)

[ad_2]

Source link

Related posts

Leave a Comment