Trade Spotlight | What should investors do with Reliance Industries, Chambal Fertilizers and Torrent Pharma?

#Market Edge, #Nifty, Reliance Industries, #Sensex, #Stocks Views, #Technicals, #Trade Spotlight, Chambal Fertilisers and Chemicals, Torrent Pharmaceuticals

The market on November 25 recouped the previous day’s losses to close in the green, driven largely by heavyweight Reliance Industries and technology stocks.

The Sensex closed 454.10 points, or 0.78 percent, higher at 58,795.09, and the Nifty was up 121.30 points, or 0.70 percent, at 17,536.30.

Broader markets traded in line with the benchmark indices. The Nifty midcap 100 index was up 0.6 percent and the smallcap 100 index gained 0.77 percent.

Stocks that were in focus included Reliance Industries, which was the biggest Nifty gainer, rallying 6.02 percent to Rs 2,492.95.

Chambal Fertilisers and Chemicals was also in action, rising 5.42 percent to Rs 399.95, and Torrent Pharmaceuticals was the third biggest gainer in the F&O segment, climbing 6.14 percent to Rs 2,990.55.

Here’s what Shrikant Chouhan of Kotak Securities, recommends investors should do with the three stocks when the market resumes trading today:

After a short-term correction, the stock took the support near 100-day simple moving average (SMA) and reversed sharply. Post reversal, the stock has formed a long bullish candle, which supports a further uptrend.

In addition, a strong intraday price volume rally and promising trend reversal formation also support the short-term uptrend.

For positional traders, Rs 2,400 will be the key level to watch out for. If the stock trades above it, it will move up to Rs 2,550-2,635.

The stock rallied over 5 percent on November 25. It opened on a strong note and quickly surpassed the previous day’s high with strong volume activity. After the breakout it maintained the uptrend momentum, which is grossly positive.

In the short-term timeframe, the stock has formed a strong price volume breakout pattern. The texture of the pattern suggests breakout action will continue in the near term if the stock succeeds to trade above Rs 379.

For swing traders, Rs 379 could be the sacrosanct level. If it trades above it, we can expect the uptrend continuation wave up to Rs 425-437.

After a short-term correction, the stock took the support near 200-day SMA. For the past couple of weeks, the stock hovered in the Rs 2,750- Rs 2,900 range.

On November 25, the stock not only cleared the resistance of Rs 2,900 but succeeded to close above it, which is broadly positive.

A strong bullish candle on daily and weekly charts, along with incremental volume activity, clearly indicates a further uptrend.

For breakout traders, Rs 2,900 will be the level to watch out for. As long as the stock trades above it, the breakout texture will continue up to Rs 3,075-3,150. However, below Rs 2,900, the uptrend would be vulnerable.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Disclosure: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

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