The S&P BSE Sensex fell more than 200 points while Nifty50 slipped below 18,400 levels.
Sectorally, selling was seen in consumer durables, utilities, auto, and power stocks while buying was seen in capital goods and telecom stocks.
Stocks that were in focus include names like
which rose nearly 10%, which fell nearly 6%, and which closed with losses of over 5% on Thursday.
Here’s what Akhilesh Jat, Category Manager – Equity Research, CapitalVia Global Research recommends investors should do with these stocks when the market resumes trading today:
Engineers India: Buy
The stock rallied over 10% on Thursday. Despite tepid market conditions, the stock held onto a positive momentum. On the daily and weekly charts, the stock formed a robust uptrend continuation formation which suggests momentum is likely to remain.
Promising higher bottom formation and a long bullish candle on the daily charts supports further uptrend from current levels.
For the trend-following traders, 77 and 75 would act as key support zones. If the stock succeeds to trade above the same, then a breakout continuation formation is likely to continue.
A close above the above-mentioned levels could take the stock higher towards 85-90. On the flip side, below 75, traders may prefer to exit from the trading long positions.
Info Edge: Hold
After a sharp pullback rally, the stock witnessed profit booking at higher levels. From the weekly highest level, it has corrected by over 10%.
Currently, the stock is witnessing a non-directional activity. Traders are waiting for an either-side breakout. For the bulls, 4200 or 200-Day SMA would be the important breakout level to watch.
If the stock manages to close above the same, then we can expect an uptrend rally towards 4500-4600. On the flip side, trading below 3850 may increase further weakness till 3700.
Union Bank of India: Hold
The stock registered a fresh 52-week high of 70.90 on Thursday. The stock has rallied over 32% so far in November.
On the daily and weekly charts, the stock has formed a breakout continuation pattern which is grossly positive.
However, on a short-term time frame, momentum indicators suggest that the stock is in an overbought zone and there are high chances of a quick short-term price correction if it starts to trade below 65.
For the next few trading sessions, 65 could be the trend decider level for the bulls. If the trend sustains above the same, then we can expect a continuation of an uptrend up to 75.
Further uptrend may also continue which could lift the stock to 82. On the flip side, the dismissal of 65 could possibly trigger quick short-term correction up to 59.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)