Sectorally, buying was seen in metals, public sector, FMCG and banking stocks while selling was visible in realty, utilities, and power stocks.
Stocks that were in focus include names like Finolex Cables that were up nearly 8%, ITC gained nearly 1% to hit a fresh 52-week high, and Equitas Small Finance Bank rose nearly 9%.
Here’s what Amol Athawale, Deputy Vice-President – Technical Research, Kotak Securities Ltd recommends investors should do with these stocks when the market resumes trading today:
Finolex Cables: Buy
The stock has rallied by over 25% so far in the month. Last Thursday, the stock hit a fresh 52-week high of Rs 720.
Technically, the stock picked up positive momentum after a breakout above Rs 600. A promising price-volume rally indicates further uptrend from the current levels.
For the trend following traders now, Rs 650-660 would act as key support levels. Above which the positive wave could move up to Rs 750-775. On the flip side, below Rs 660 bulls may prefer to exit out from the trading long positions.
ITC: Buy
On last Thursday, despite tepid market conditions, the stock held its positive momentum and registered a fresh all-time high of Rs 394.
It has rallied over 14% so far in February. After a technical breakout, the stock is consistently making higher high and higher low series formation which is broadly positive.
The texture of the stock suggests that as long as it is trading above Rs 375 the uptrend formation is likely to persist.
Above which, the stock could move up to Rs 400 further upsides may also continue which could lift the stock till Rs 415.
On the other side, below Rs 375 uptrends would be vulnerable.
Equitas Small Finance Bank: Buy
The stock rallied over 10% on February 23rd. On Thursday, after a muted opening, it quickly surpassed the Rs 65 resistance mark with strong volume activity.
In the short-term time frame, the stock has formed a strong price-volume breakout continuation formation.
The texture of the pattern suggests breakout momentum will continue in the near term if stock succeeds to trade above Rs 67 level.
For the swing traders Rs 67 would be the sacrosanct level, trading above the same we can expect uptrend continuation wave up to Rs 75-77.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
