Big movers on D-Street: What should investors do with KIMS, Nykaa and M&M?
Stocks that were in focus include names like KIMS, which rose 3%, Nykaa, which gained 0.11%, and M&M, whose shares declined 6.69% on Wednesday.
Here's what Viral Chheda, Sr. Technical Analyst at SSJ Finance & Securities, recommends investors should do with these stocks when the market resumes trading today.
KIMS
Prices have been consolidating in a broad range of 2360 and 1750 since last one year. In the last one month we have seen a rally and prices are again towards the higher range around 2300.
The stock is above the 20- and 40-day ema at 2076 and 2035. So the short-term trend is bullish. RSI is at 64 suggesting bullish momentum in the near term.
Dips to 2000/1950 could act as support in the near term and resistance will come around the 2300/2350 zone. Only a close above 2360 will lead to higher levels until then range bound between 1900 and 2300.
Nykaa
Since the listing in November 2021 at 400 plus prices have corrected towards 120 in April 2023 and since then rallied towards 190 mark and now have an established range of 120 and 200.
The prices are above the 20- and 40-week avg at 170 and 165 respectively suggesting the trend is bullish. RSI around 56 moves above 60 will signal bullish momentum for the stock. Near term supports are at 140/120 zone and resistance is at 180/200.
A close above 200 will trigger a strong bullish environment for the stock until then expect consolidation between 120 and 200.
M&M
The prices have been on an uptrend since the last 1 year when prices rallied from 1400 to 3000. Now
