Sector-wise, buying was seen in capital goods, power, utilities and industrials, while some profit-taking was visible in metals and telecom stocks. Stocks targeted include names such as Radhakishan Damani-promoted company DMart, which rose more than 2% ahead of its Saturday results,
closed with marginal losses ahead of its June quarter figures, and Monte Carlo closed with gains of nearly 9% on Friday.
Here is what Santosh Meena, Head of Research,
recommends investors do with these stocks when the market resumes trading today:
D-Mart: 200-DMA of Rs 4,200 is an immediate hurdle
The counter completed its correction phase as it broke the sloping channel formation and successfully closed above its 100-DMA.
On the upside, 200-DMA of Rs 4,200 is an immediate hurdle; above, a rally towards the Rs 4,400-4,500 area can be expected. On the other hand, Rs 3,750 is an immediate support level, while Rs 3,400 has become a base. Momentum indicators are well positioned to support the breakout.
TCS: 50-DMA of Rs 3,333 is an immediate hurdle
The counter is still making lower highs and forming lower lows where a 50-DMA of Rs 3,333 is an immediate hurdle; above that, we can expect a short cover rally towards the Rs 3,470-3,500 area.
It needs to hold above the Rs 3,500 mark for any major buying interest. On the other hand, Rs 3,200 is an immediate support level; below, it is vulnerable to a drop towards the Rs 3,000 mark. However, Rs 3,000 is a good level for a new entry.
Monte Carlo: 840 is an immediate target
The counter is in a strong bullish momentum where it manages to close above a new 52 week high which could lead to further bullish momentum in this counter. On the upside, Rs 840 is an immediate target, while Rs 880 will be the next target level. On the other hand, the Rs 700 will act as an immediate support level.
Some momentum indicators are in overbought territory, but they may remain overbought for some time to come.
(Disclaimer: The recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)