Stocks that were in focus include names like Varun Beverages, which rose 0.73%, BEML, which increased 14.5%, and Piramal Pharma, whose shares jumped 2.7% on Monday.
Here’s what Avdhut Bagkar, Derivatives & Technical Analyst at StoxBox, recommends investors should do with these stocks when the market resumes trading today.
Varun Beverages – Hold
The broader outlook for the shares of Varun Beverages indicates a sideways trend in the range of 1350 – 1550. The breakout over 1550 would see the stock reaching 1700 -1800 range.
However, on the downside, if the price fails to hold 1350, bears may enter, driving stock to 1200 mark. The 200-day moving average (DMA) set at 1150, remains a crucial support mark.
BEML – Buy
Unless the stock breaks its key support of the 100-day moving average (DMA), currently set at 3179 on consecutive basis, the bias remains highly optimistic for BEML shares.
A breakout over 3700 would garner a rally to 4000-mark, as per the daily chart. The current reversal nearing the key support, accompanied by above average volumes of last 20-sessions, suggests a positive momentum underplay.
Piramal Pharma – Buy
Following a sideways trend in the range of 145 – 133 levels, the price has broken out on the upside triggering a fresh leg of up move.
The stock is expected to reach 170 – 175, holding 143 as the support mark. The trend remains favourable for longs, as the price action is determined to scale higher highs in the upcoming sessions.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
