Sharp selling pressure continues for the third consecutive session on Thursday because Bears maintain control over Dalal Street on January 20 because all sectors, metal restrictions, corrected amid consistent quarterly and sales income.
Sensex BSE fell more than 600 points to close below the level below 59,500, and the NIFTY50 fell more than 180 points to 17,757, while a broader market outperformed the benchmark index with the Nifty Midcap 100 and small index and 0.05 percent.
Focus shares include Cholamandalam investments and financial companies which are the largest enhancers in the futures segment and option, up 6.05 points to RS 649.15, and Bharat dynamics which reached the highest high record Rs 473.40, before closing 5.89 percent higher at Rs 5.89 percent higher in the hospital. 461.15. Minda Corporation touched the highest 52 weeks of Rs 214, before it was closed with 4.53 percent profit at Rs 207.5.
This is what Chouhan Shrikant from the Securities box recommends investors to be done with this stock when the market continues today’s trade:
Cholamand Investment and Finance
After the medium-term price correction, the stock took support near Rs 470 and was reversed quickly. After a sharp reversal formation, it is conveniently traded above 200, 50 and 20 high school days (simple moving average) which is widely positive.
In the daily and weekly chart, stock has been formed promising higher-bottom series formations that support further up trends from the current level.
We hold that during trade above Rs 600, the uptrend formation will survive. Above the same, it can rally up to RS 680-720. However, under the RS 600 Uptrend will be vulnerable.
Bharat Dynamics.
Stock has collected more than 6 percent on January 20. Stock is opened with a strong note and quickly removes RS 450 resistance with strong volume activity. Despite the weak market conditions, Bharat’s dynamics maintained strong momentum throughout the day.
In the short term, stock has formed a strong price volume breakout pattern. Pattern texture shows that breakout actions will continue in the near future if the shares are traded above the RS 440 level.
For RS 440 swing traders will be the Sakronanct level, and traded above the same, we can expect a wave of continuation to rise to Rs 500.
Minda Corporation.
On January 20, the shares made a 52 week high of RS 214. This month so far, it strengthens more than 23 percent. On the daily and weekly chart, stock has formed a very positive continuation pattern of breakout for Minda Corporation.
However, on the short-term time frame, the Momentum indicator shows that the stock entered the lightweight overbought zone and the possibility of ordering profits was not ruled out if the stock managed to close below Rs 196.
For some of the next trading sessions, RS 196-195 can be a trend determinant level for Bulls, maintaining above the same, we can expect the continuation of the trend to RS 225-235. On the other hand, the dismissal of RS 196 might trigger a rapid short-term correction until Rs 190-180.
