Sectorally, selling was seen in auto, oil & gas, energy, capital goods, and telecom stocks while some buying was seen in realty and banks.
Stocks that were in focus include names like
which rose over 8%, was up 8%, and rose nearly 7% on Friday.
Here’s what Pravesh Gour, Senior Technical Analyst, . at recommends investors should do with these stocks when the market resumes trading today:
Bank of Maharashtra: Buy
The counter has witnessed a breakout from a Flag pattern formation with strong volumes on the daily chart. On the weekly chart, it is coming out from a long consolidation structure.
The overall structure of the counter looks lucrative as it is trading above all its important moving averages. It is forming higher highs and higher lows which is a positive sign for the bulls.
The momentum indicator RSI is trading above the 50-mark with a positive bias, whereas MACD is witnessing a centerline crossover.
On the upside, 28 will be an immediate hurdle, but 32 looks like an imminent target in the near term. On the downside, the 9, 20-DMA of Rs 22 is a strong support level in any correction.
Nazara Technologies: Buy
The hammer candlestick appears at the bottom of a downtrend and signals a bullish reversal. The hammer candlestick pattern indicates that the price dropped to new lows, but subsequent buying pressure forced the price to close higher, hinting at a potential reversal.
The extended lower wick is indicative of the rejection of lower prices with strong volume, which provided multi-month support for the counter. Friday’s trading session is also confirming the reversal.
On the higher side, a cluster of moving averages act as resistance at Rs 680; above this, we can expect the level of Rs 800, while Rs 465 is an important support in any free fall.
PB Fintech (Policybazaar): Avoid
The counter is in a downward trend, but in the last few trading sessions, it has made an astute recovery from the Rs 350-360 levels with strong volume.
The overall structure is distorted, but it trades above its 9 and 20 SMA moving averages. However, it is in a demand zone near Rs 360–370.
On the upside, Rs 445 is an immediate susceptible area; above this, we can expect a run-up towards Rs 500+, while Rs 350 is an immediate demand level.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)