tata chemicals share price: Big Movers on D-St: What should investors do with Tata Chemicals, Mahindra Lifespace and Campus Activewear?


The Indian market closed lower on Friday tracking weak global cues. The S&P BSE Sensex plunged more than 600 points while the Nifty50 closed below 17,800 levels.

Sectorally, buying was seen in power, utilities, and capital goods while some selling was seen in realty, metals, public sector and energy space.

Stocks that were in focus included

which hit a fresh 52-week high, which rose more than a per cent, and Campus Activewear which gained nearly 7 per cent on Friday.

Here’s what Santosh Meena, Head of Research, recommends investors should do with these stocks when the market resumes trading today:

Tata Chemicals: Buy
The counter is in a classical uptrend, as it has also given a flag breakout on the daily chart. On the weekly chart, the stock has witnessed a lucrative breakout of triangle pattern formation above Rs 1000.

The pattern suggests an immediate target of Rs 1300, while it has the potential to move further to the Rs 1500 level. On the downside, Rs 1050 will be an immediate support level.

MACD (Moving average convergence divergence) supports the current strength whereas momentum indicator RSI (relative strength index) is also positively poised.

Mahindra Lifespace: Buy
The primary structure of the counter is continuously following the uptrend and has also given a long consolidation breakout on the daily chart.

The stock is trading above 9, 20, 100 and 200-SMA averages. On the upside, Rs 550 is an immediate susceptible area; above this, we are expecting a long run-up towards Rs 600 levels. On the downside, Rs 420 is the critical level.

Campus Activewear: Rs 550 is an immediate resistance zone
The structure of the counter looks lucrative as it is taking support from the level of Rs 400. The counter has witnessed a breakout of Cup & handle formation on the daily chart.

On the upside, Rs 550 is an immediate resistance zone; above this, we can expect a Rs 600+ level in the short term. On the downside, if it slips below the Rs 450 level then Rs 400 is the next and sacrosanct support level.

(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)



Read original article here

Denial of responsibility! My droll is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – [email protected]. The content will be deleted within 24 hours.

Leave a comment