Big movers on D-Street: What should investors do with KIMS, Nykaa and M&M?
Sensex and Nifty saw significant declines. Stocks KIMS (+3%), Nykaa (+0.11%), M&M (-6.69%). Analyst Viral Chheda from SSJ Finance recommends: KIMS bullish, needs close above 2360; Nykaa in rally since April 2023, consolidating 120-200; M&M facing profit booking after uptrend since November 2021. Trading resumes today. Source: Economic Times.
Equity benchmark indices Sensex and Nifty buckled under heavy selling pressure to sink below record-high levels on Wednesday.Stocks that were in focus include names like , which rose 3%, , which gained 0.11%, and M&M, whose shares declined 6.69% on Wednesday.
Here's what Viral Chheda, Sr. Technical Analyst at SSJ Finance & Securities, recommends investors should do with these stocks when the market resumes trading today.
KIMS
Prices have been consolidating in a broad range of 2360 and 1750 since last one year. In the last one month we have seen a rally and prices are again towards the higher range around 2300.
The stock is above the 20- and 40-day ema at 2076 and 2035. So the short-term trend is bullish. RSI is at 64 suggesting bullish momentum in the near term.
Dips to 2000/1950 could act as support in the near term and resistance will come around the 2300/2350 zone. Only a close above 2360 will lead to higher levels until then range bound between 1900 and 2300.
Nykaa
Since the listing in November 2021 at 400 plus prices have corrected towards 120 in April 2023 and since then rallied towards 190 mark and now have an established range of 120 and 200.
The prices are above the 20- and 40-week avg at 170 and 165 respectively suggesting the trend is bullish. RSI around 56 moves above 60 will signal bullish momentum for the stock. Near term supports are at 140/120 zone and resistance is at 180/200.
A close above 200 will trigger a strong bullish environment for the stock until then expect consolidation between 120 and 200.
M&M
The prices have been on an uptrend since the last 1 year when prices rallied from 1400 to 3000. Now after hitting the peak around 3000 prices have seen profit booking and this could continue towards the 20 and 40-week moving average at 2420 and 2120 respectively.
The stock is above the 20- and 40-day ema suggesting trend is bullish and RSI is at 68 suggesting bullish momentum. Since prices have seen a steep rally we could expect some consolidation with profit booking to creep in and expect a test of the 2500/2200 zone.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
Source: Stocks-Markets-Economic Times
