Shares that have been in focus included names like Indus Towers, which rose 8.26%, HAL, which jumped 2.2%, and Status Estates, whose shares gained 7% on Monday.
Here is what Avdhut Bagkar, Derivatives & Technical Analyst, StoxBox, recommends traders ought to do with these shares when the market resumes buying and selling as we speak.
Indus Towers
The inventory hit a brand new 52-week excessive on Monday, triggering upbeat outlook for the April month. The worth motion shows a sturdy underlying momentum, with a rally to achieve 325 – 345 ranges.
The momentum stays extremely resilient within the overbought class of the Relative Energy Index (RSI) implying an aggressive chart construction. Except a decisive transfer emerges beneath 280 mark, the development to scale increased ranges within the following classes.
On a broader perspective, the “Larger Excessive, Larger Low” formation stays intact as per the weekly setup. The crossover of 50-Weekly transferring common (WMA) with the 100-WMA exhibits a run up of a bull run.
HAL
Till the assist of the 50- day by day transferring common (DMA) continues to bolster the upward bias, the development is prone to scale uncharted territories within the coming season. The 50-DMA is at the moment positioned at 3064 degree.The current development is poised to rally towards 3700 -4000 ranges, as per the chart formations on the day by day and weekly chart. There’s instant assist on the 3200 degree.
Status Estates
Submit February of this yr, the inventory has surpassed the important thing hurdle of the 50-DMA positioned at 1176 on a decisive notice.
This transfer suggests a build-up of a constructive bias, envisioning an upside to 1400, its subsequent key barrier. A closing foundation assist at 1100 would help the value motion to stay within the bullish territory.
(Disclaimer: Suggestions, strategies, views and opinions given by the specialists are their very own. These don’t symbolize the views of Financial Instances)
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