The market took a breath after a three-day rally and closed with moderate losses on December 24 because selling pressure was seen in all sectors, except. Nifty50 managed to maintain an important sign of 17,000, closing nearly 70 points at 17.004, while BSE Sensex fell by almost 200 points to 57,124.
The wider market has seen more corrections than the benchmark index as the Nifty MIDCAP 100 and SmallCap 100 index decreases 1 percent and 0.5 percent.
Focus shares including SmartLink Holdings were locked in a series of 20 percent at RS 142.65 with Capitalization of RS 142 Crore Markets, and Mindteck was also frozen at 5 percent of the upper circuit, closed at Rs 167.45, with the market capitalization of Rs 430 Crore.
HCL Technologies is the largest enhancer in Nifty50, up 3.08 percent to RS 1,265.20, with a close market of RS 3.43 lakh crore, however, L & T Finance Holdings fell 6.9 percent to RS 76.90, with a close market Rs 19,024 Crore.
SmartLink Holdings.
Stock has expressly broken the 14-year ‘Multiple Resistance’ zone of Rs 130-132 on the basis of weekly closure, showing a big breakout. This is accompanied by a large volume which implies an increase in participation in the breakout zone.
Bollinger signal Bollinger Band every day, weekly increases momentum. Indicators of everyday strength, weekly and monthly RSI (relative strength index) in bullish mode along with positive crossover that supports increasing strength. The momentum of this purchase was observed from 200-day high school (RS 105) which remained an important support zone.
Stock is well placed on high school 20, 50 and 100-days which confirms short and medium-term bullish sentiments. Investors must buy, hold back and stack up this stock with the expected reverse RS 165-180, with the downside support zone from the level of Rs 120-105.
HCL Technologies.
On weekly and monthly charts, stocks are in a strong uptrend forming a series of peaks and bottom which indicate a continuous trend. On the daily chart, the stock has formed a ‘head overturn’ – a short-term trend reversal pattern and the same thing has been confirmed around Rs 1,200 levels.
Stocks are well placed on high school 20, 50 and 100 days that confirm the short and medium-term bullish sentiment.
Investors must buy, hold back, and stack up this stock with the results of rising 1,330-1,360, with the support zone of the downside RS 1,200-1,190 level.
Mindteck.
Stock is in a strong uptrend across all time frames because it forms a higher set of peaks and lower. With this high week, shares have registered new height at the RS 182 level, showing a strong rising trend. Stocks are well placed on high school 20, 50 and 100 days that confirm the short and medium-term bullish sentiment.
Daily strength indicators and weekly RSI in bullish mode along with positive crossover that indicate increased strength.
Investors must buy, restrain, and stack up this stock with an increase in the expected 200-215 RS levels, with the downside support zone from the RS 150-130 level.
L & T Finance Holdings
On the short and medium-term chart, this stock is a downward trend forming a series of top and lower bottom parts. This is sustainable under SMA 20, 50, 100 and 200 days that signify bearish sentiment.
The RSI power indicator in bearish mode crosses all time frames that show further weaknesses. Therefore, each short-term pullback rally towards the RS 80-90 level remains an opportunity to come out for traders. On the negative side of the RS 65-60 can act as an important support zone.
The post Trade Spotlight | What should you do with Smartlink Holdings, HCL Tech, Mindteck, and L&T; Finance Holdings? first appeared on Businessely.com.
