Stocks that were in focus included names like HCL Tech, which rose 0.02%, SBI Life, which fell 1.48%, and Apollo Hospitals, whose shares jumped 1% on Thursday.
Here’s what Avdhut Bagkar, Derivatives & Technical Analyst at StoxBox, recommends investors should do with these stocks when the market resumes trading today.
Infosys – Negative bias
The present formation suggests a “Lower High, Lower Low” implying a negative bias. Going forward, a close beneath its 50-simple moving average (SMA) set at 1470 could trigger more pain in the price action.
On the upside, the stock now must overcome the hurdle of 1550 with robust volumes to offset any weakness. A breakout over the same could see price heading towards 1630, its next major obstacle.
Apollo Hospitals Enterprise – Bullish
A new historic peak is indicating further upside towards 5900 level and could potentially rally to 6100. The support falls at 5600 and 5500.
The daily chart structure denotes a gradual upward trend in the price action. Only a breach below 5500 could alter the medium-term bullish bias.
SBI Life Insurance – Sideways
The stock is witnessing selling pressure around 1500 level, and if the support of 1400 is broken, its 50-SMA, the price may dwindle to 1350.
The Relative Strength Index is trading sideways, with no clear direction. Also, the volumes have remained erratic suggesting volatile sessions.
(You can now subscribe to our ETMarkets WhatsApp channel)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
