Big movers on D-Street: What should investors do with RailTel, Axis Bank and HCL Tech?
Sensex and Nifty reached new highs, led by IT and tech stocks. RailTel surged 14.29%, Axis Bank 1.6%, HCL Tech 3.3%. Pravesh Gour from Swastika Investmart suggests RailTel targeting 700+ post-triangle breakout, Axis Bank 1400, HCL Tech has inversed head and shoulder, eyes 1600 resistance. RSI and MACD indicators noted.
Equity benchmark indices Sensex and Nifty soared nearly 1% to hit new lifetime highs on Friday, fuelled by heavy buying in IT and tech stocks.Stocks that were in focus include names like , which soared 14.29%, , which gained 1.6%, and , whose shares Jumped 3.3% on Friday.
Here's what Pravesh Gour, Senior Technical Analyst, Swastika Investmart, recommends investors should do with these stocks when the market resumes trading today.
RailTel
The counter is in a classical uptrend, characterized by higher highs and higher lows. It has witnessed a breakout of a triangle formation above 500. This breakout has initiated a new rally towards the 700 level. The structure remains very bullish, as it is trading above all key moving averages.
However, momentum indicators such as the RSI (Relative Strength Index) and MACD (Moving Average Convergence Divergence) are currently in a negative position.
On the upside, Rs 700 is a significant psychological resistance level. If it surpasses this level, we can anticipate a move towards the 800+ levels in the near term. On the downside, Rs 500 serves as the support level.
Axis Bank
The stock is in a classic uptrend, characterized by higher highs and higher lows. It has broken out of a triangle formation above 1300, sparking a new rally towards the 1400 level. The overall structure remains very bullish, as the stock is trading above all key moving averages.
However, momentum indicators such as the RSI (Relative Strength Index) and MACD (Moving Average Convergence Divergence) are currently negative.
On the upside, Rs 1350 is a significant psychological resistance level. If the stock surpasses this level, we can anticipate a move towards 1400+ in the near term. On the downside, Rs. 1270 serves as the support level.
HCL Tech
The stock is bottoming out with a bullish inverse head and shoulder formation with the surge in volume. Stock is facing resistance at the Rs 1600 level; above this, we are expecting a long run-up towards the 1700 level.
On the downside, Rs 1470 is a major support for any correction. Momentum indicators are positively poised to support the current strength.
(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
