Big movers on D-Street: What should investors do with NBCC, Adani Ports and Varun Beverages?
Stocks that were in focus include names like NBCC, which rose 0.42%, Adani Ports, which jumped 0.85%, and Varun Beverages, whose shares gained nearly 1.86% on Monday.
Here's what Kushal Gandhi, Technical Analyst, StoxBox, recommends investors should do with these stocks when the market resumes trading today.
NBCC
The pattern analysis on the daily timeframe shows that the price action is potentially trading in a volatility contraction pattern. The reduced time and price correction at elevated levels is a potential sign of smart money presentation.
The minor profit booking has let the price retrace to the pivotal support near the level of 186, limiting the drawdown further. This offers a low-risk and higher rewarding opportunity for the target price of 230, with a protective stop at 176.
Adani Ports
The price action of Adani Ports has been trading sideways closer to the demand zone near the level of 1450. The price action has managed to pull back from this region and is anticipated to resume its upward movement on reclaiming the 50 daily MA acting as immediate overhead resistance near 1495 levels.
The stock has observed improving EPS and price strength and buyers’ demand which is a positive sign. We recommend buying Adani Ports for the target price of 1625 and maintaining a protective stop at 1420.
Varun Beverages
The price action of VBL is currently witnessing a profit booking from its life highs of 1702. The price action is trading with a lower high pivotal structure and trades below the 100 daily
