Sectorally, shopping for was seen in energy, utilities, metals, healthcare, and oil & fuel shares whereas some promoting was seen in IT, banks, auto, and realty.
Shares that had been in focus included names like
which rose over 8 per cent, which rose over 6 per cent, and which closed with beneficial properties of over 2 per cent on Tuesday.
This is what Viral Chheda, Technical Analyst, SSJ Finance & Securities recommends traders ought to do with these shares when the market resumes buying and selling at the moment:
Elgi Equipments: Purchase| Goal: Rs 450-490| 6-8 months
On a longer-term chart from April 2021 to November 2021, the worth has moved in a spread of Rs 195-232 odd ranges. As soon as it breached the consolidation part, the worth gave a pointy upside rally to make an all-time excessive of Rs 422 degree in February 2022.
Volumes had been fairly excessive throughout this era. From a excessive of Rs 422, the worth witnessed a pointy selloff because it retraced virtually 90% of the earlier rally to make a low of round Rs 248 odd ranges.
Within the final two months, we now have seen the worth to face resistance close to the all-time excessive at Rs 422 and proper to kind a Flag sample.
The inventory is at present trying constructive and as soon as it goes above the Rs 390 odd degree, we are able to see a pointy upside rally until Rs 450-490 degree within the subsequent 6-8 months.
Therefore, we advocate shopping for at this degree and extra on dips in direction of Rs 355 with a cease loss positioned under Rs 330 on a closing foundation. On the upside, we are able to see a degree of Rs 450-490 within the subsequent 6-8 months.
Asahi India Glass: Purchase solely on dips| Goal: Rs 630-660
On a longer-term chart after making a low of round Rs 119 in March 2020, the inventory has given a pointy bull run to make it to an all-time excessive of Rs 620 in January 2022.
The inventory has made a Increased Prime Increased Backside Sample throughout this era. From highs, the worth has witnessed some revenue reserving because it retraced virtually 45% of the earlier rally to make a low of round Rs 382 odd ranges.
From March 2022 to June 2022, the inventory moved in a spread of Rs 382-485, and with a comparatively greater quantity value breached the sample on the upper aspect and continued its upward rally to make a excessive of Rs 583.
At the moment, it’s overvalued, and one ought to look forward to a contemporary entry. Something across the Rs 530-500 degree is an efficient purchase value for the next goal of Rs 630-660.
Therefore, we advocate to attend on the present degree and enter at dips of Rs 530–500 with a cease lack of Rs 450 on a closing foundation, and upside we are able to see ranges of Rs 630-660 odd ranges within the subsequent 6 to eight months.
Cummins India: Purchase| Goal: Rs 1165-1255| 6-8 months
On the weekly chart, after making a low of round Rs 280 in April 20, the inventory has given a pointy upside rally to make a 7-year excessive of Rs 1163 on April 22.
On this rally, the worth rose vertically. From February 2021 to till-date value is transferring in Upward Parallel Channel taking assist at each Increased Backside and going through resistance at each Increased Prime.
Within the final 2 weeks, the inventory has taken assist at Rs 950 and with comparatively greater quantity transferring above the 21-EMA of Rs 1006 and shutting above that signifies additional upside until Rs 1250.
Therefore, we advocate shopping for at this degree and extra at dips of Rs 985 with a cease lack of Rs 940 on a closing foundation and upside we are able to see the extent of Rs 1165-1255 within the subsequent 6-8 months.
(Disclaimer: Suggestions, recommendations, views, and opinions given by the consultants are their very own. These don’t signify the views of Financial Instances)