Big movers on D-Street: What should investors do with CG Power, JK Lakshmi and Metro Brands?
Sensex inched up 20 points to settle at a fresh record of 74,248 and the broader Nifty ended with a marginal loss of 0.95 points at 22,513.
Stocks that were in focus included names like CG Power, which jumped nearly 1%, JK Lakshmi, which fell 3%, and Metro Brands, whose shares declined 0.4% 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.
CG Power
The stock has broken out of an upward-sloping channel on a longer time frame, accompanied by robust trading volume. Additionally, it has recently broken out of a prolonged consolidation phase and has found support near its previous breakout level of Rs 500. Its current trading position above key moving averages adds to its attractiveness.
Key technical indicators, such as the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI), are showing bullish signals. The MACD indicator has experienced an upward centerline crossover, while the RSI, a momentum indicator, is indicating positive momentum.
Looking ahead, resistance levels are seen at Rs. 550, with potential for further upside movement towards Rs. 580 and beyond in the short to long term. On the downside, Rs. 490 is seen as a critical support level during any potential pullbacks.
JK Lakshmi:
The counter has shown a profit booking from Rs. 1000 levels and retested it 200-DMA at around Rs 770 levels. Now it has bounced back from 200-DMA and moved towards 50-DMA at around
