Stocks in the spotlight included the following names: zomatodown 3.16%. indigoup 3.52%, and RVNL's stock price fell 3% on Monday.
Here are the recommendations of Avdhut Bagkar, Derivatives & Technical Analyst at StoxBox: Investor You should be trading these stocks when the market resumes trading today.
zomato
Zomato stock is under selling pressure above the 170 mark, which seems to be a short-term hurdle to the current bias.
The 50 Simple Moving Average (SMA) set at 146 should act as a support level. Since it has held this value consistently since May of last year, the price action must show a reversal to regain the losing bias.
A breakout above 170 will send the stock towards the 190 level.
indigo
To break above, the stock will need to achieve an aggressive close above the 2975 mark barrier. If that happens, the price trend will take a step towards the 3400-3500 level.
On the downside, the 50-SMA at 3065 continues to support short-term sentiment. The positive bias changes only if the closing price is below 3000.
RVNL
The price trend is losing momentum after falling below the 50-SMA set at 249. To regain a positive stance, price action needs to show a strong close on aggressive volume.
Until that happens, the trend remains fragile and the downside is likely to attract further strength. On the downside, it could reach the 225 mark. A positive breakout exists above the 280 level.
(Disclaimer: Recommendations, suggestions, views and opinions by experts are their own. They do not represent the views of Economic Times)