Stocks that were in focus included names like Zomato, which fell 3.16%, IndiGo, which rose 3.52%, and RVNL, whose shares dropped 3% on Monday.
Here’s what Avdhut Bagkar, Derivatives & Technical Analyst at StoxBox, recommends investors should do with these stocks when the market resumes trading today.
Zomato
Shares of Zomato are witnessing selling pressure over 170 mark, which appears to serve as short-term hurdle for the current bias.
While the 50-simple moving average (SMA) set at 146 should act as support level; which it has been consistently holding since May of last year, the price action must display a reversal to recoup the losing bias.
A breakout over 170 will send the stock in the direction of 190 level.
IndiGo
To breakout on the upside, the stock must deliver an aggressive close over the barrier of 2975 mark. When that happens, the price action shall set foot towards 3400 -3500 levels.
On the downside, the 50-SMA placed at 3065 continues to provide support for short term sentiment. Only a close below 3000 would alter the positive bias.
RVNL
The price action is losing momentum post slipping beneath the 50-SMA set at 249. To revive the positive stance, the price action must deliver a robust close with aggressive volumes.
Until that occurs, the trend remains fragile, and downside looks to attract more strength. Downside could see the price reaching 225 mark. A positive breakout exists over 280 levels.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
