Stocks that were in focus included names like Ircon, which rose 1.24%, Delta Corp, which fell 17%, and Union Bank, whose shares jumped 1.89% on Monday.
Here’s what Avdhut Bagkar, Derivatives & Technical Research at StoxBox, recommends investors should do with these stocks when the market resumes trading today.
Ircon International – Buy
The stock has doubled this year, delivering 150 percent returns, and trades with a most bullish bias. During this journey, the stock has established consecutive supports that keep on bolstering the upward trend.
Immediate supports occur in the range of Rs 130-120, followed by Rs 100, its 50-SMA. The overall trend remains upward, with a price objective of Rs 170, and may even aim at reaching a new peak of Rs 200.
Delta Corp Ltd – Sell
With the gap-down close on Monday, the stock has entered a bearish trap with the Relative Strength hitting oversold territory.
From now on, Rs 170 becomes the critical hurdle where more sell-offs could emerge. The stock is slipping towards Rs 115 to Rs 100 levels.Death Cross has fuelled more bearishness in the stock, posing a cautious outlook for the short-to-medium term.
RVNL – Buy
Unless the support of Rs 140 is hit, the bull run of this stock shall continue unabated. While the immediate hurdle of Rs 180 poses some risk, recent accumulation should subside this hurdle in the next sessions.
A breakout over Rs 180 could drive the price action to Rs 220-mark.The medium-term support stays Rs 105-level.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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