Big Movers on D-Street: What should investors do with Tata Power, IIFL Fin, Century Textiles?
The 30-share BSE Sensex ended 33 points higher or 0.1% to settle at 74119 points. The NSE Nifty gained 19 points or 0.1% to end at 22493 points.
A lot of action was visible in the broader market, and some of the prominent movers were Tata Power, IIFL Finance, and Century Textiles that rallied more than 6-9%.
Avdhut Bagkar, derivatives and technical analyst at StoxBox shares his views on the above-mentioned stocks and how one should trade in them when the market resumes on Monday.
Tata Power Co
Shares of Tata Power scaled a new all-time high, indicating a potential breakout towards the Rs 450-475 mark. The stock has entered the overbought territory of the Relative Strength Index (RSI), with volumes exceeding the previous 15-20 sessions.
The price move is resilient, and expect momentum to continue in the following sessions. The immediate support emerges at Rs 410 and then at Rs 390.
IIFL Finance
The stock has fallen below the 200-SMA, signalling a negative bias, and bears have assumed control of the price action. To recoup the losing bias, the stock must display sharp reversal, or at least begin trading sideways.
Until that happens, the trend remains weak and more sell-off may occur. The next support exists at Rs 380 mark, with the barrier set at Rs 450.
Century Textile & Industries
Post hitting a fresh historic peak in January of this year, the price action has turned sideways with downside limited to the Rs 1,350 mark. Once the price scales above the peak of Rs 1,599, the breakout would steer the
