Big moves on D-Street: What should investors do with Indus Towers, HAL and Prestige Estates?
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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.)