Five stocks to buy and sell today—13 February
Subscribe to enjoy similar stories. Also read | Markets look for steady level as Donald Trump's actions create turmoil This counter has a stretch of long body candle that is seeing a fall with volume, and the breach of threshold at 320 levels has attracted more decline. Surprisingly, despite encouraging Q3 results, the trends could not hold back the consistent decline.
The bears took fair advantage in this declining market. With a long body candle highlighting a strong breakdown we can look at some more bearishness. Relative strength index (RSI) below 30 indicates the trends could dip lower.
Also read | Nykaa’s biggest challenges: Turning around fashion business, improving margins There has been some steady newsflow surrounding this stock that is aiding the prices in holding back the serious decline across the board in the mid and small-caps. Now, the prices have managed to revive on Wednesday, and the RSI shows that along with the support, the momentum is also showing a reversal from the neutral zone. Hence, it would be a good time to consider that the possibility of a rise is in store.
Auto stocks faced the heat but could not withstand the pressure, and the recent fall in volumes spelt out more fall ahead. The long body scandal shown at the end of the decline on Tuesday highlights the underlying bearish momentum. As the attempt to move lower attracts more participation, the long body candle presents a strong case of bearishness.
The RSI has slipped further below 30 levels, which tells us there is room for further downside. Also read: Lodha, Godrej Properties may gain from traction in Mumbai Metropolitan Region About the analysts: MarketSmith India is a stock research platform. Raja Venkatraman is co-founder, NeoTrader.
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