Buy, Sell or Hold: What should investors do with Coal India, Quess Corp and India Cement?
Indian market closed in the red on Friday for the third consecutive day in a row weighed down by muted global cues. The Nifty50 failed to hold on to 17300 levels.
Indian market closed in the red on Friday for the third consecutive day in a row weighed down by muted global cues. The Nifty50 failed to hold on to 17300 levels.
Sectorally, buying was seen in capital goods, banks while selling was seen in realty, oil & gas, healthcare, energy, and telecom stocks.
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Stocks that were in focus include Coal India which closed with gains of over 2 per cent, Quess Corp rallied over 8 per cent and India Cements rose over 3 per cent on Friday.
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:
Coal India: Hold
On the daily charts, the stock is holding a higher bottom formation but from the last couple of weeks, the stock is hovering in the range of 160 to 170.
Currently, the stock is witnessing a non-directional activity. It looks like traders are waiting for an either side breakout.
A fresh technical breakout is possible if the stock closed above 170 levels. And if the stock manages to close above the same then we can expect a quick uptrend move towards 175-177.
On the flip side, if the stock trades below 163 or 20-Day SMA, the weakness may extend towards 158.
Quess Corp: Avoid
After a sharp correction, the stock took the support near 575. In this quarter so far, the stock corrected over 25 per cent. The stock is now witnessing a promising pullback rally.
From the lowest level of 575, it has recovered over 13 per cent. The incremental volume activity and reversal formation indicates a further uptrend.
We are of the view that the medium-term trend is still weak, but in the short run, pull-back-formation is likely to continue, if it succeeds to trade above 620.
On the higher side, 680 and 690 would act as an immediate hurdle for the traders.
India Cement: Buy
After a medium-term price correction, the stock took support near 200-Day SMA. The promising reversal formation near 200-Day SMA indicates a short-term uptrend.
On Friday, despite tepid market conditions, India Cement Ltd maintained positive momentum and rallied over 4 per cent.
The short-term texture is bullish, and the trend decider level is 200-202. A close above the same could take the stock towards 225-230.
(Disclaimer: The views/suggestions/advices expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)
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