Big Movers on D-Street: What should investors do with SBI Card, Nazara Tech and Ujjivan SFB?
The Sensex climbed 367 points to settle at 66,527, while the broader Nifty jumped 107 points to end at 19,753. Stocks that were in focus include names like Nazara Tech, which rose 4.66%, Ujjivan SFB, which gained 8.92%, and SBI Card, whose shares fell 0.14% on Monday.Here's what Riches Vanara, Technical And Derivatives Analyst at StoxBox, recommends investors should do with these stocks when the market resumes trading today:Nazara Tech On the weekly chart the stock is making a rounding bottom pattern and a decisive close above 740 level will confirm the pattern breakout.
On the daily chart, the stock broke out of the bullish pennant pattern with a gap up open which indicates the continuation of the upward movement of the stock. MACD indicator on the daily time frame is entering into the bull zone which compliments the price action.
We recommend buying for targets of 735 and 770 with demand zones around 683 and 670 levels.Ujjivan SFB After breaking out of the cup and handling the pattern on the weekly chart in the month of June-23, the stock has run up with great speed but we feel the stock can perform better going forward. On daily and weekly charts, it has gapped up above the major resistance zone of 42-44 which can be termed as a bullish sign.
MACD and Relative Strength against Nifty-50 both indicators compliment the price breakout. This calls for targets of 51 and 54 with immediate support around 46 and 44.SBI Card The stock is trading in a symmetrical triangle pattern on weekly charts and reversed facing resistance on the upper end of the pattern in the month of June-23.
This indicates the selling pressure emerging in the stock with Relative strength against Nifty-50 deteriorating every day. The momentum indicator
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