Sectorally, buying was seen in FMCG, IT, consumer durables, finance, and healthcare stocks while selling was seen in metals, oil & gas, and energy stocks.
Stocks that were in focus included names like
which fell more than 9 per cent, which fell more than a per cent, and which closed with losses of over 7 per cent on Monday.
Here’s what Jatin Gohil, Technical and Derivative Research Analyst at Securities recommends investors should do with these stocks when the market resumes trading today:
Hindustan Copper | Recommendation: SELL | Target: Rs 72 | Stop Loss: Rs 91 | Time Duration: 3-4 Weeks
The stock resumed its down-move after retesting the neckline of descending triangle pattern and slipped to the 52-week low of Rs 81.20 subsequently.
On Monday, the metal sector remained in negative momentum and emerged as the top loser. Downward sloping moving averages and negatively poised technical indicators signal that ongoing negative momentum may continue.
This could drag the stock towards its 200-week SMA. A fresh short position can be initiated at the current juncture and on a rise for a probable down move.
Minda Industries | Recommendation: BUY | Target: Rs 1,090 | Stop Loss: Rs 769 | Time Duration: 3-4 weeks
The stock again tested its extended horizontal trendline and resumed its upmove. In the past, the stock witnessed a decent rise after testing that trendline.
The daily RSI reversed from its bull-market support zone (33-40 levels) and gave a buy signal. We believe history will repeat itself, which could lead the stock towards its highest level since March 2022.
In case of any decline, the stock will continue to find support between that horizontal trendline and the prior swing low.
Tata Power | Recommendation: SELL | Target: Rs 172 | Stop Loss: Rs 208 | Time Duration: 3-5 Weeks
On 20th June 2022, the stock violated its short-term support zone, which was placed around Rs 208-201 and slipped to an 8-month low.
Spike in volume and rise in future open interest (OI) signals that major market participants were in favour of the bears.
The key technical indicators are negatively poised on major timeframe charts. This could move the stock towards Rs 180 initially and Rs 172 subsequently.
On the higher side, as per the change in polarity principle, the prior support zone will act as a resistance zone. A fresh short position can be initiated at the current juncture and on the rise for the desired action.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)