Big Movers on D-Street: What should investors do with GAIL, Polycab and Allcargo Logistics?
Stocks that were in focus include names like GAIL, which rose 7%, Polycab, which fell 4%, and Hindustan Copper, whose shares jumped 8% on Friday.
Here's what Pravesh Gour, Senior Technical Analyst, Swastika Investmart, recommends investors should do with these stocks when the market resumes trading today.
GAIL
The stock has experienced a breakout from a symmetrical triangle formation on its daily chart, accompanied by robust trading volume. Following a successful retest of its last breakout level at approximately Rs.
134, it has initiated a new upward rally targeting Rs 160 levels.
The stock is exhibiting a classic upward movement, supported by a favorable overall structure, trading above key moving averages, and forming higher highs and higher lows. The momentum indicator RSI (relative strength index) is indicating positive momentum, and the MACD (moving average convergence and divergence) is undergoing a bullish centerline crossover.
On the upside, Rs 160 is a significant psychological level.
A breach of this level could propel the stock to Rs 180 or higher in the near-short term. Conversely, on the downside, Rs 134 is identified as a major support level that is likely to provide a strong cushion during any corrective moves.
Polycab — Bullish
The counter is in a classical uptrend, but travelling in the long consolidation range of 4800–5800.
