Saturday, September 21, 2024

Business

Trade Spotlight | What should you do with InterGlobe, Sheela Foam, ICICI Prudential, Tech Mahindra stocks?

Trade Spotlight | What should you do with InterGlobe, Sheela Foam, ICICI Prudential, Tech Mahindra stocks?

The market snapped a three-day losing run Star on November 12, took the BSE Sensex firmly above the 60,000 mark and Nifty50 above 18,100, supported by gains in all sectors.

BSE Sensex surged 767 points to 60.686.69, while Nifty50 rose 229.20 points to 18102.80. The broader market registering the increase is less than the Midcap index front line with 100 and smaller 100 percent index climbing 0.45 percent and 0.29 percent.

Stocks in focus included Intigo InterGlobe Aviation Operator which is the biggest risers in the futures and options segment, reaching a record high of Rs 2324.95 before closing with a 7.39 percent rise at Rs 2,306,25, and ICICI Prudential Life Insurance Company is the second largest enhancer , In the F & O segment, rose 4.76 per cent to Rs 672.60.

Sheela Foam also be a focus on Friday as touching a new record of Rs 3247.70 before closing with an increase of Rs 3117.35 13.95 percent, and Tech Mahindra are the top risers in Nifty50, rose 4.14 percent to close at Rs 1,585.

This is Mehul Kothari, of shares and stock brokerage Anand Rathi, recommend investors to do with these stocks when markets resume trading today:

Flights intergobe.

After some relief from the case Covid, India began to move to get back to normal. With a business that looked and continued economic activity, Giant Flights, Indigo started to fly high in the market.

The price action indicates that the stock has the potential to go to Rs 2800-3000 in the coming months. Thus, both traders and investors should continue to hold the stock. On the downside, support lies at Rs 2,000 mark.

Sheela Foam.
Sheela Foam daily chart shows that the stock has been consolidating in a broad range of Rs 2,500 to Rs 2,000 since last 6-9 months. Recently managed to get out of this range and is now trading above Rs 3,000.

We feel that the stock has some fume remaining above and hence traders and investors should continue to hold it. Support downside is Rs 2,500.

Tech Mahindra.
Line Chart Tech Mahindra rebuke that the stock is in a strong uptrend and investors should continue to hold in their portfolios.

However, traders can stay long until the rising trend line remains intact. This means that strong support is placed at Rs 1,370. Trends will only be changed on the offense mentioned level. On the plus side, the stock has the potential to test the level of Rs 1,700-Rs 1,800.

ICICI Prudential Life Insurance
Stock has confirmed breakout above the range of Rs 540 during the month of May 2021. The theoretical target from the breakout comes around Rs 800.

The stock has changed from uptrend line support as shown in the chart. Thus we maintain that the stock might be heading Rs 800 mark and, therefore, traders and investors should hold her for long. Stop loss for both positions could be the low of Rs 600 recently.

Leave a Reply

Your email address will not be published. Required fields are marked *