Stocks in the spotlight included names like ZEE, which fell 4.15%, Lupine, which fell 2.63%, and Cyient, whose stock price rose 10% on Monday.
Stockbox Derivatives and Technical Analyst Avdutt Bagkal recommends what investors should do with these stocks when markets resume trading today.
See
According to the daily chart, the Zee Entertainment Enterprises stock price has formed a ‘symmetrical triangle’, and above 268 could propel the price movement and spike up to 290 levels. On the downside, the stock needs to hold support at 248 to maintain momentum.
Weekly settings have “flag patterns” and support for 100 week moving averages (WMA). The 220 mark maintains a positive bias and we could see some accumulation if key support breaks down.
Lupin
Stock prices have broken out of the “upward channel” and started a new upward trend. The stock is ready to rise from a short-term perspective, with support levels formed at 1250 and 1200. Price trends suggest an increase towards the 1500 level. Remarkably, stocks continue to regain bullish momentum in the overbought region of the Relative Strength Index.
Scient
After a brief consolidation in the 1800-1600 zone, the stock managed to break above and showed bullish momentum. Stability above the 2000 level has added further traction, leading to optimistic sentiment. Price trend is towards 2350. Support falls to 2100-2050.
(Disclaimer: Recommendations, suggestions, views and opinions by experts are their own. They do not represent the views of Economic Times)
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