The market extended a sales pressure of the third consecutive session with the reference indices of more than 1.7% on 7 February, decreased by correction in banking and financial operations, Auto, FMCG, IT and Pharma stocks.
BSE Sensex has slipped by more than 1,000 points to 57,621 and the Nifty50 fell by more than 300 points to 17,214, while Nifty MidCap 100 and 100 SmallCap 100 clues decreased by more than 1% each.
Inventories that focus include GNFC, Interglobe Aviation (Indigo) and Baroda Bank, which were the best winners of the futures segment and options. The GNFC increased by 13.26% to RS 515.55, Interglobe Aviation jumped from 9.91% to 2,170.10 RS and the Bank of Baroda increased from 6.01% to 112.95 rupees.
Among other things, VIP Industries hit a new record of 696 RS, before closing 3.49% gains to Rs 670.85 and the reactive industries increased by 1.79% to RS 201.65.
Here’s what Malay Thakkar from GEPL Capital recommends that investors do with these stocks when the market will resume today:
GNFC
The GNFC has formed a higher and higher model since March 20, 2020. On February 7, 2022, prices have witnessed a massive leak and tested a new height of 535 rupees of 535 rupees. This move is also supported by a good volume accumulation, indicating participation in breaking.
On the weekly table we can see that prices have left a symmetrical triangle model.
On the forehead of the indicator, the RSI (relative resistance index) plotted on the weekly chart can be seen placed above the value of 50. The prices can be seen in motion higher towards the upper level, indicating a growing momentum in prices.
Investors holding this stock can hold with a target of RS 550. If the price succeeds in supporting the mark of 550 Rs, we could see the higher head against RS 594. We recommend a strict stop loss of RS 490 on the basic daily closure.
Indigo
Indigo, for a few months, was moving over a range of 1,771-2 400 RS. In the last two weeks, prices have formed a higher high model. On February 7, the stock won the momentum and moved above the 20-day ADM (simple moving average) to 2,026 Rs. The upward movement was supported by an accumulation of good volumes, indicating Participation in the move.
On the forehead of the indicator, the RSI traced on the weekly chart has moved above the value of 50 points and now moved higher to the level of the sub-operation, indicating an increased momentum of increases in the prices.
Investors holding the stock can continue to hold and wait for objectives of 2,380-2 460 rupees. If prices reach higher violation at this level, we may see that prices are higher towards RS 2.650. We recommend a drop loss of 2,026 rupees on a daily closing basis.
Bank of Baroda
The Bank of Baroda has become higher in a well-channeled way since February. On February 7, prices increased higher to the top edge of the channel. This move is supported by a strong accumulation of volume, indicating participation in the upward movement.
On the front of the indicator, the RSI drawn on the weekly graph can be seen forming a higher lower model higher and moving higher towards the level of overwork, indicating a growing overall impulse in prices.
We expect prices to advance higher to RS 134. If prices manage to support above 134 RS, we could see that prices are higher towards the level of 157 RS.
We recommend a strict loss of 100 RS on the daily basis.
