Big moves on D-Street: What should investors do with Indus Towers, HAL and Prestige Estates?
Stocks in focus included names like Indus Towers, up 8.26 per cent, HAL, up 2.2 per cent and Prestige Estates, up 7 per cent on Monday.
Avdhut Bagkar, derivatives and technical analyst at StoxBox, recommends how investors should handle these stocks when the market resumes trading today.
indus tower
The stock hit a new 52-week high on Monday, making the outlook for April positive. The price action shows strong underlying momentum with a bounce reaching the 325 – 345 levels.
Momentum remains highly resilient in the overbought category on the Relative Strength Index (RSI), which suggests an aggressive chart structure. Unless there is a decisive move below the 280 level, the trend is for expansion to higher levels in the next session.
From a broader perspective, the “higher highs, higher lows” pattern remains consistent with the weekly setup. The intersection of the 50-week moving average (WMA) and the 100-week WMA indicates a bullish move.
will do
The trend is likely to extend into uncharted territory in the coming season until support at the 50-day moving average (DMA) continues to strengthen the upward bias. 50-DMA is currently at the 3064 level. According to the chart composition of the daily and weekly charts, the current trend is poised for a bounce towards the 3700-4000 level. There is immediate support at the 3200 level.
Prestige Estate
Since February this year, the stock has decisively crossed the main hurdle of the 50-DMA placed at 1176.
This move suggests a positive bias has been established, envisioning upside to 1400, the next major barrier. Closing underlying support at 1100 will help the price action to stay in the bullish zone.
(Disclaimer: Recommendations, suggestions, views and opinions provided by experts are their own and do not represent the views of The Economic Times.)
