Big movers on D-Street: What should investors do with RCF, SJVN and Piramal Ent?
Sensex and Nifty closed higher on Tuesday, marking their second straight day of gains amid buoyancy of the global market in anticipation of no further Fed rate hikes.
Stocks that were in focus included names like RCF, which rose 2.58%, SJVN, which gained 1.23%, and Piramal Enterprises, whose shares declined 4.30% on Tuesday.
Here's what Viral Chheda, Sr Technical Analyst at SSJ Finance & Securities, recommends investors should do with these stocks when the market resumes trading today:
RCF — Buy
In the daily chart price has witnessed an upside rally from low of 89.50 to a high of 119 odd levels. During the upside rally price has made the higher top higher bottom pattern as bulls were having upper hand on bears.
At higher level price gave some correction till 105 to take the support of previous bottom and after consolidating around lower level price gave sharp upside rally to make new highs of 128 odd levels.
Volumes were on rise as buyers were in full control to take the price away from sellers.
Price is currently trading above all three major averages indicating further upside from here.
The Stochastics Oscillator is moving in an upward trend along with an increase in volume indicating further downside move from here.
Hence one can buy at current level and more at dips of 115 with SL of 103 on weekly closing basis and upside we can see a level of 160 to 190 in next 3-6 months
SJVN — Buy on dips
In the daily chart after moving almost 100% from its lower level of 32, price has made an all time high of 62.70 odd level. At a higher level price continued to move sideways and consolidated in the range of 52-63 levels.
In the last two days, with relatively high volume, the price breached the consolidation phase and is moving above
