apl apollo stock price: Big Movers on D-St: What should investors do with Finolex Cables, APL Apollo and ACE?
The S&P BSE Sensex rose more than 600 points to above 61,000 while the Nifty50 closed above 17,900.
Sectorwise, purchases were seen in IT, FMCG and banks, while sales were seen in real estate, utilities and energy.
Stocks that have been in focus include names like
which rose nearly 6%, to gain more than 1% to hit a new 52-week high, and Action Construction Company, which rose 1% but traded closer to its 52-week high on Tuesday.
Here’s what Pravesh Gour, Senior Technical Analyst, . at recommends investors use these stocks when the market resumes trading today:
Finolex cable: Buy
The meter is in classic bullish momentum, making higher highs and higher lows for an extended period of time. It has also seen a breakout of an ascending triangle formation on the daily chart.
The overall structure of the meter is very lucrative as it trades above all major moving averages. On the upside, levels of Rs 640 are vulnerable levels; Furthermore, we can expect a protracted move towards Rs 690+ in the short to longer term. On the upside, Rs 550 acts as a crucial support during a pullback.
The momentum indicator MACD (Moving Average Convergence Divergence) is maintaining current strength and the RSI (Relative Strength Index) is also in a favorable position.
APL Apollo: Buy
The counter is in a classic uptrend and is now breaking out of an ascending triangle formation. The breakout coincides with increasing volume and manages to hold above the breakout level despite weakness in the broader market.
It is trading above its all-important moving averages, with a positive bias on momentum indicators.
On the upside Rs 1260 is the key resistance level and above that we can expect levels of Rs 1300 in the near term while on the downside a set of moving averages around the Rs 1140 level will act as a strong support level.
The counter has seen a primary trendline breakout with heavy volume on the weekly chart, followed by a breakout of a bullish flag formation. The stock is trading above its key moving averages.
On the upside, Rs 385 is an immediate area of resistance; Furthermore, we can expect a rally to Rs 420+ levels in the short-term. On the other hand if it breaks Rs 370 then Rs 360 is the next critical level.
(Disclaimer: Recommendations, suggestions, views and opinions of experts are their own. These do not represent the views of The Economic Times)
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