dmart shares price: D-St bigmovers: What should investors think about RK Dmani’s DMart (TCS) and Monte Carlo?


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Friday was the third consecutive day that the Indian market closed green. The S&P BSE Sensex rallied by more than 300 points while the Nifty50 closed above 16,200 levels.

Sectorally, the buying of capital goods, power utilities and industrials was apparent while profit booking was visible for metals and telecom stocks. Radhakishan Damani, promoted firm, was one of the stocks that was in focus. DMartThe index rose more than 2 percentage points ahead of its results on Satuday.

Closing with marginal losses, ahead of its June quarter figures Monte CarloClosed Friday with gains of almost 9 percent

Here is what Santosh Meena (Head of Research) has to say.

This is what we recommend investors do when the market returns to trading today:

D-Mart: A 200-DMA at Rs 4,200 is an immediate obstacle
As it was breaking down sloping channel formation, the counter completed its correction phase and closed above its 100-DMA.

The upside is that the 200-DMA at Rs 4,200 is an immediate obstacle; above it, we can expect a rally to the Rs 4,400-4 500 zone. Surprisingly, Rs 3,750 acts as an immediate support level while Rs 3,400 is a base. The breakout is supported by momentum indicators.

TCS: A 50-DMA at Rs 3.333 is an immediate hurdle
The counter is still making lower highs, lower lows formations where a 50 DMA of Rs 3.333 is an immediate hurdle. Above this, we can expect to see a short-covering rally towards Rs 3,470-3500.

To maintain any major buying interest, it needs to stay above the Rs 3500 mark. It is possible to fall below the Rs 3200 mark. But, the level of Rs 3,000 is good for fresh entry.

Monte Carlo: 840 is a target immediately
The counter has strong bullish momentum, closing above a 52-week high. This may help to sustain bullish momentum. The immediate target is Rs 840, and Rs 880 will become the next target. As a support level, Rs 700 will be available immediately.

Some momentum indicators are currently in overbought territory but may stay so for some time.

(Disclaimer – The opinions, recommendations, and suggestions of the experts are theirs. These opinions do not reflect the views of Economic Times.


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