Big movers on D-Street: What should investors do with NBCC, Balrampur Chini and Canara Bank?
Nifty advanced over 33 points to close at a fresh lifetime high of 20,103 while Sensex ticked higher for the 10th straight session on Thursday.
Stocks that were in focus included names like NBCC, which rose 8.44%, Balrampur Chini Mills, which gained 5.15%, and Canara Bank, whose shares jumped 0.02% on Thursday.
Here's what Amol Athawale, Vice President — Technical Research at Kotak Securities, recommends investors should do with these stocks when the market resumes trading today.
NBCC — Neutral
After a quick short-term correction, the stock took the support near the 20 day SMA (Simple Moving Average) and bounced back sharply. Last Thursday, the stock rallied over 8%.
We are of the view that, as long as the stock is trading above 56 level the positive sentiment is likely to continue.
Above the same, it could rally till 67-70.
On the other side, below 56 traders may prefer to exit out from the trading long positions.
Balrampur Chini — Buy
Last Thursday, the stock opened with a gap up and quickly surpassed the short-term resistance of 430. On daily and weekly charts, it has formed promising price volume breakout formation, which supports further uptrend from the current levels.
For the breakout traders now, 415-410 would be the key levels to watch out for.
If the stock succeeds to trade above the same then it could rally till 465.
Further upside may also continue which could lift the stock till 480. However, below 410 uptrend would be vulnerable.
Canara Bank — Buy
Last Thursday, the stock registered a fresh 52 weeks high of 368.70.
After a short-term correction, the stock took the support near 20 and 50 day SMA (Simple Moving Average) and reversed.
Post reversal it is holding higher bottom formation, which is broadly positive. We
