Sectorally, buying was seen in utilities, telecom, power, capital goods, and consumer durables while selling was visible in healthcare, realty, metal, and FMCG.
Stocks that were in focus include names like ITC which hit a fresh record high while Bharti Airtel closed with gains of 1% on Thursday. NMDC, meanwhile, settled flat.
Here’s what Amol Athawale, Deputy Vice President – Technical Research, Kotak Securities Ltd recommends investors should do with these stocks when the market resumes trading today:
ITC: Buy
The stock registered a fresh all-time high of 402.65 post a short-term correction on Thursday. It is consistently forming a higher high and higher low formation.
The stock is also trading comfortably above the short-term average, which is largely positive. For the positional traders, 392 would be the immediate support level.
If the stock succeeds in trading above the same, then it could move up to Rs 410. Further upside may also continue which could lift the stock to 420.
Bharti Airtel: Buy
After a medium-term correction, the stock is witnessing positive consolidation near the 200-Day SMA (Simple Moving Average). It has also formed a higher bottom formation which indicates a strong possibility of a fresh uptrend rally from the current levels.
For the positional traders, 755 would be the key support level. As long as it is trading above the same, the uptrend formation is intact.
Above this, the stock could rally towards 795-800. On the flip side, below 755 traders may prefer to exit trading long positions.
NMDC: 20-Day SMA could be the immediate support
After a short-term pullback rally, the stock consistently faced resistance near 115. However, the short-term texture of the chart is still on the positive side.
Technically, on daily and intraday charts, it has formed a double top formation near the 50-Day SMA (Simple Moving Average) which is broadly negative.
We are of the view that 110 or the 20-Day SMA could be the immediate support zone while 115 or the 50-Day SMA would act as an important resistance zone.
Above 115 breakouts, it could move up to 118-120, and on the flip side, below 110, uptrends would be vulnerable.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)