Among the sectors, realty index jumped 1.10% and FMCG 0.69%. Metal, commodities, energy and financial services were top laggards.
Stocks that were in focus include names like HDFC Bank, which fell 0.15%, Voltas, which gained 1.18% and Chalet Hotels, whose shares rose 3.05% on Thursday.
Here’s what Amol Athawale, Technical Analyst (DVP) at Kotak Securities, recommends investors should do with these stocks when the market resumes trading today:
HDFC Bank: Buy at current levels
In this month so far, the stock has corrected nearly 5%. From the last couple of weeks, it is consistently facing selling pressure at higher levels. However, the medium-term structure of the chart is still on the bullish side.
After a short-term correction, currently the stock is trading near an important retracement support level. We are of the view that, the completed one leg of correction and the texture of the chart indicate strong possibility of fresh uptrend rally from the current levels.
For the positional traders now, 1580 or 200-day SMA (Simple Moving Average) would be the key level to watch out for. Above this, the stock could move up till 1650-1665.Chalet Hotels – Range Bound trade
In this month so far, the stock rallied over 15%. On last Friday, the stock registered a fresh all-time high of 450. On weekly charts, the stock is holding breakout continuation formation and on daily charts it has consistently formed higher high and higher low formation which is largely bullish.
The short-term texture of the stock is bullish but due to temporary overbought conditions, we could expect rangebound activity in the near future.
For the bulls now, 420 and 415 could be the crucial support zones while 450-465 would be the key resistance areas. However, below 415 uptrend would be vulnerable.
Voltas
After a short-term price correction, the stock is consolidating between 795 to 810 price ranges. Last Thursday, after a long time, the stock succeeded to close above the 20-day SMA (Simple Moving Average) and also formed a bullish formation on daily charts.
Technically, as long as the stock is trading above 795, the uptrend formation is likely to continue. On the higher side, the stock could rally till the 50-day SMA or 827.
Further upside may also continue which could lift the stock till 850. On the flip side, below 795 traders may prefer to exit out from the trading long positions.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
