Equity indices rebounded sharply on Monday, surging nearly 2%, on heavy buying in RIL and a rally in Asian markets. The 30-share Sensex jumped 1,240 points to settle at 71,941 and the Nifty climbed 385 points to 21,737.
Stocks that were in focus included names like Azad Engineering, which rose 5.72%, Tata Technologies, which fell 0.48%, and Adani Green, whose shares jumped 2.87% on Monday.
Here’s what Avdhut Bagkar, Derivatives & Technical Analyst at StoxBox, recommends investors should do with these stocks when the market resumes trading today.
Azad Engineering
The stock is forming a “Double Bottom” pattern, hinting a breakout which becomes certain when the price action sustains over the key support of 725 level. When this occurs, the trend heads in the direction of 800 level. Immediate support falls at 680 and 660 levels.
Tata Technologies
The price action remains weak, and may enter further bearishness if it hits a new all-time low. A breach of 1100 could see this counter slipping to 1000 level. To break out on the upside, the price must overcome the selling hurdle of 1200.
Adani Green Energy
A sustained move over 1800 could spark a move towards 2000 level, as per the technical setup on the daily chart. On the downside, 1450 appears to be a key support mark. Breakouts over 1800 could build a medium-term bullishness for the stock.
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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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