Stocks that were in focus included names like Sona BLW Precision, which rose 5.9%, Jio Financial, which was up 10.62%, and Vodafone Idea, whose shares closed 7.67% higher on Friday.
Here’s what Pravesh Gour, Senior Technical Analyst at Swastika Investmart, recommends investors should do with these stocks when the market resumes trading today.
Sona BLW Precision
On a longer timeframe, it has seen a breakout of an ascending triangle formation with higher highs and lower lows. But the breakout is still awaited above Rs 670. The overall structure of the counter is very lucrative, as it is trading above all important moving averages.
On the upside, the levels of Rs 670 operate as susceptible levels; above these, we can anticipate a protracted move towards Rs. 770+ in the shorter to longer term. On the downside, Rs 600 acts as crucial support during any pullback.
The momentum indicator MACD (moving average convergence divergence) is sustaining the current strength, and the RSI (relative strength index) is also poised favorably.Jio Financial
The counter is flying in a classical uptrend, as it has witnessed a breakout of an upward-sloping channel formation at around Rs. 300 levels with a strong volume in the longer time frame. On the daily chart, it has broken out of a symmetrical triangle formation. The overall structure is impressive, as it trades above its all-important moving averages. The momentum indicator RSI (relative strength index) is also positively poised, whereas MACD (moving average convergence divergence) is supporting the current strength.On the higher side, Rs 350 is the immediate psychological resistance level; above this, we can expect a move to 400+ levels in the near term, while on the downside, Rs 300 is the strong support during any correction.
Vodafone Idea
The stock has given a breakout of a bullish inverse head and shoulder formation with the surge in volume on the daily chart. The stock has also been forming higher-top and lower-bottom formations on the weekly chart.
The pattern suggests an immediate target of Rs 18.50, while it has the potential to move further upside to the 21.25 level. On the downside, Rs 15 will be an immediate support level.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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