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Sector-wise, buying was seen in real estate, utilities, power, capital goods and banks, while some selling was seen in oil and gas, IT, energy and autos.
Stocks that were on sale are included
which rose 5 percent, hit a 52-week high but ended with marginal gains, and ended up more than 7 percent on Thursday.
Here’s what Amol Athavale, Deputy Vice President – Technical Research, Kotak Securities Ltd recommends investors do with these stocks when the market resumes trading today:
Adani Power: Rs 385-380 could be a key level to watch
The stock is up over 50 percent so far this quarter. Last Thursday, the stock touched a fresh all-time high of Rs 399.45. On the daily and intraday charts, the stock has formed a higher bottom pattern that indicates a continuation of the uptrend in the near future.
For traders following the trend, Rs 385-380 could be a key level to watch. If the stock manages to trade above the same, then we can expect a continuation of the uptrend to Rs 415-425. However, below Rs 380, traders may prefer to exit long positions.
: Rs 950 would be a sacred support level
Stocks are up over 10 percent so far in August. On the daily and weekly charts, the stock is making a higher low formation that is mostly positive.
However, momentum indicators point to high chances of profit booking if the stock manages to trade below Rs 950. We feel that Rs 950 would be a sacred support level for positional traders. Above this, the stock could rise to Rs 1000-1035. On the other hand, below Rs 950 it could fall to Rs 925-915.
Reliance Infrastructure: Rs 125 would act as key support
After a quick short-term correction, the stock took support near Rs 115 and bounced back sharply. It is up over 13 percent this week so far.
On the daily and weekly charts, it formed a long bullish candle that supports a further uptrend from the current levels. For traders following the trend, Rs 125 would act as a key support level. If the stock manages to trade above the same, we can expect a continuation of the uptrend wave up to Rs 140-145.
(Disclaimer: Recommendations, suggestions, views and opinions of experts are their own. These do not represent the views of Economic Times)
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