The market made a strong showing for the second consecutive session on March 17 as the bulls maintained their dominance. Barring Nifty IT, all sectoral indices on the NSE closed with a gain of 2-3 per cent. Talking about the sector, Nifty Realty saw the highest gain of 3.13 percent. This was followed by gains in Nifty Financial Services and Nifty Auto, which closed with gains of 2.77 per cent and 2.18 per cent respectively.
Stocks that were in action in the market included Trent, with the futures and options segment gaining nearly 8 per cent and closing at a record high of Rs 1,262 per share; JSW Steel was the third biggest gainer on Nifty50, rising 4.56 per cent to close at Rs 685; At the same time, IFB Industries closed at Rs 997 per share, up more than 13 percent after a long time.
These three stocks continued to rise for the second consecutive session on Thursday.
Shrikant Chouhan of Kotak Securities has given suggestions to investors on what to do during trading in these 3 stocks today i.e. Monday:
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Shrikant Chauhan said that the stock is holding higher high and higher low series on daily and intraday charts which is largely positive for Trent. A trendline of Rs 1,200 will be the turning point for the bulls for the next few trading sessions. If it sustains above this, then it can see the levels of Rs 1,300-1,345.
On the other hand, after breaking the Rs 1,200 level, it is likely to see a quick short-term decline to Rs 1,130-1,100.
Srikanth said that we are of the view that, the trend is still weak in the medium term, but in the short term, the current pullback rally is likely to continue.
The Rs 950 level will be the trend decider level for breakout traders. If it goes below this then there is a possibility of a fall to Rs 900-870.
On the other hand, an immediate resistance level of Rs 1,050-1,100 could be seen for the bulls.
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The stock is currently trading above the 20, 50 and 200-day simple moving averages (SMA) and after a long time it managed to close above the resistance level of Rs 678 on the weekly chart.
The 200-day SMA or the Rs 670 level will now be crucial for traders. If this stock stays above it, it can remain bullish till Rs 700-715. On the other hand, if it falls below Rs 670, it will weaken the uptrend.
(Disclaimer: The views and investment advice given on moneycontrol.com are the personal views and opinions of investment experts. Moneycontrol advises users to consult a certified expert before making any investment decision.)
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