On the sectoral front, buying was seen in realty, metals, capital goods, healthcare, and energy stocks. The S&P BSE Mid-cap index rose nearly 2 per cent while the S&P BSE Small-cap index ended with gains of 2.1 per cent.
Stocks that were in focus include names like
which rose nearly 2 per cent, that ended with gains of over 17 per cent, and that added 5 per cent on Friday.
Here’s what Santosh Meena, Head of Research, recommends investors should do with these stocks when the market resumes trading today:
ITC has been a marked outperformer amid weak market sentiment in the week gone by. It continued its bullish momentum followed by a breakout from a bullish flag formation.
The pattern suggests a target of Rs 310-320 whereas Rs 300 will be a psychological hurdle. On the downside, Rs 273-267 will act as an immediate demand zone.
Momentum indicators are positively poised and are still well below the overbought zone.
Welspun Corp: Buy
The counter was moving in upsloping channel formation and on Friday it has broken out on the upside.
A breakout from the neckline of the channel suggests bullish momentum where Rs 275-295 could be immediate target levels. On the downside, the previous swing high of Rs 221 will act as an immediate support level.
Adani Power: Avoid
The counter is continuing its norward journey without any disturbance where recently it has witnessed a breakout from a bullish flag formation that may take the stock towards Rs 350-370 level.
However, most of the momentum indicators are in overbought territory therefore risk-reward is not favorable.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)