Big movers on D-Street: What should investors do with IndiGo, Nykaa and JK Cement?
Sensex jumped 594 points to settle at 64,958 and the broader Nifty climbed 181 points to end at 19,411.
Stocks that were in focus included names like IndiGo, which gained 1.94%, Nykaa, which jumped 5.06%, and JK Cement, whose shares increased 8.67% on Monday.
Here's what Avdhut Bagkar, Derivatives & Technical Analyst at StoxBox, recommends investors should do with these stocks when the market resumes trading today.
IndiGo — Bullish
Following a move over the 100-simple moving average (SMA), the price action has succeeded in surpassing the selling pressure level of 2550. This move points further upside in the direction of 2650 – 2700 levels. The trend remains highly optimistic, holding the support of 2470.
A key move is anticipated to emerge once the price takes out 2625.
Nykaa — Bullish
The stock has broken out post forming a mild consolidation in the range of 145 -135 levels. This momentum is headed towards 155, as per the current technical set-up. The chart also displays a trend line breakout implying a positive bias.
The support exists at 140-mark.
JK Cement — Bullish
One more close over 3400 shall witness a sharp upside move in the shares of JK Cement. This would suggest a breakout of the weekly consolidation materialized in the range of 3400 to 3000 levels. The immediate support comes to the 3200 mark.
