Stocks that were in focus included names like Data Patterns, which rose 5.22%, Max Healthcare, which fell 2.97%, and Tata Steel, whose shares declined 1.45% 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.
Data Pattern
Shares of Data Patterns have delivered a weekly breakout of the chart, with price action hinting a rally to 3500 mark. The present trend is buoyant, as the price action continues to dominate the uncharted territories. With the support of 2400, the momentum appears to be aggressively implying a robust uptrend. The surge in the volumes further confirms the breakout pattern.
Max Healthcare Institute Ltd
The stock has broken the support of the 50-simple moving average (SMA), signaling a negative bias. The trend has turned sour, with price action losing its upside trajectory. The buildup of strong volumes on a negative candle, further reinforces the bear sentiment. The stock has to move over 800-mark, to recoup the positive strength. On the downside, the price may dwindle to 650-mark.
Tata Steel
Post hitting a new all-time high, the price action has seen a sudden drop. While this is a normal move, the running momentum needs to regain the strength and continue the onward journey to hold the current buying momentum. If the price action fails to strike a new high, the bulls may hold their ground rather than moving forward. Immediate support falls at 145, and a new historic peak shall trigger the next move to the 170 mark.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
