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Sector wise, buying was witnessed in metal, consumer durables, realty, capital goods and public sector banks. The S&P BSE Midcap index ended up 1.1 per cent and the S&P BSE Smallcap index gained 1.3 per cent.
The stocks that were in focus included names like
Which closed with gains of nearly 1 per cent a day ahead of its results on Friday, while the Rakesh Jhunjhunwala-owned stock rose over 5 per cent and closed with gains of over 8 per cent on Thursday.
Amol Athawale, Deputy Vice President – Technical Research, Kotak Securities Ltd. What investors should do with these stocks when the market resumes trading from today:
Tata Consultancy Services: 50-Day SMA Important Breakout Levels To Track
After a short term correction, the stock took support near Rs 3020 and bounced back sharply. After the pullback rally, the stock is hovering around Rs 3200 to Rs 3350 levels.
The short-term texture of the stock is non-directional, perhaps, traders are waiting for a breakout from both the sides.
For the bulls, Rs 3350 or the 50-day SMA would be an important breakout level to watch. And if the stock manages to trade above this, then we can expect a fresh uptrend rally towards Rs 3400-3450.
On the other hand, if the stock starts trading below Rs 3200, then weakness may increase and it can take the stock to Rs 3150-3120.
Titan Company: Support seen at Rs 2075-2050
Last Thursday, the stock opened with a margin of 5 per cent and after the gap-up opening, it was hovering in the price range of Rs 2105 to Rs 2140.
The stock has gained more than 9 per cent so far this week. Strong price volume intraday movement indicates a possibility of further upside from current levels.
Rs 2075 and Rs 2050 will be immediate support levels for traders. A level above this level can take it towards Rs 2200-2250.
On the other hand, a close below Rs 2050 may add to weakness and in that case, traders may prefer to exit long positions.
Sunlight: Short-term chart texture is positive
On Thursday, the stock opened with strength and rose sharply about 10 percent. But due to profit-booking at higher levels, it curtailed some intraday gains.
Technically, the stock has formed a promising price-volume reversal formation which indicates a continuation of the uptrend formation in the near future.
We believe that the short term texture of the chart is positive but a fresh uptrend rally is possible only after Rs 400.
A stock above Rs 400 can go up to Rs 420-440. On the other hand, a fresh round of selling is possible if it manages to close below Rs 365. Below which, it may slip to Rs 350-345.
(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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