Big movers on D-Street: What should investors do with IndiGo, Nykaa and JK Cement?
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Stocks that were in focus included names like IndiGo, which gained 1.94%, Nykaa, which jumped 5.06%, and JK Cement, whose shares increased 8.67% 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.
IndiGo – Bullish
Following a move over the 100-simple moving average (SMA), the price action has succeeded in surpassing the selling pressure level of 2550. This move points further upside in the direction of 2650 – 2700 levels. The trend remains highly optimistic, holding the support of 2470. A key move is anticipated to emerge once the price takes out 2625.
Nykaa – Bullish
The stock has broken out post forming a mild consolidation in the range of 145 -135 levels. This momentum is headed towards 155, as per the current technical set-up. The chart also displays a trend line breakout implying a positive bias. The support exists at 140-mark.
JK Cement – Bullish
One more close over 3400 shall witness a sharp upside move in the shares of JK Cement. This would suggest a breakout of the weekly consolidation materialized in the range of 3400 to 3000 levels. The immediate support comes to the 3200 mark. Medium-term support is well poised at 3065, its 200-SMA. The volume structure is supportive of the breakout if successive closes emerge over 3400.
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