Big Movers on D-St: What should investors do with Finolex Cables, APL Apollo and ACE?

The S&P BSE Sensex rose more than 600 points to climb above 61,000 while the Nifty50 closed above 17900 levels.

Sectorally, buying was seen in IT, FMCG, and banks while selling was visible in realty, utilities, and power.

Stocks that were in focus include names like

which was up nearly 6%, gained more than 1% to hit a fresh 52-week high, and Action Construction Company which was up 1% but is trading closer to its 52-week high on Tuesday.

Here’s what Pravesh Gour, Senior Technical Analyst, . at recommends investors should do with these stocks when the market resumes trading today:

Finolex Cables: Buy
The counter is in a classical bullish momentum and forming higher highs & higher lows formation on the longer timeframe. It has also witnessed a breakout of ascending triangle formation on the daily chart.

The overall structure of the counter is very lucrative as it is trading above all important moving averages.On the upside, the levels of Rs 640 are vulnerable levels; above these, we can anticipate a protracted move towards Rs 690+ in the shorter to longer term. On the downside, Rs 550 acts as crucial support during any pullback.

The momentum indicator MACD (moving average convergence divergence) is sustaining the current strength, and the RSI (relative strength index) is also poised favourably.

APL Apollo: Buy
The counter is in a classical uptrend, and now it is breaking out of an ascending triangle formation. The breakout coincides with rising volume, and it manages to sustain above the breakout level despite weakness in the broader market.

It is trading above its all-important moving averages with a positive bias in momentum indicators.

On the higher side, Rs 1260 is the important resistance level, and above this, we can expect Rs 1300 levels in the near term, while on the downside, a cluster of moving averages around Rs 1140 level will act as a strong support level.

ACE: Buy
The counter has witnessed a primary trend-line breakout on the weekly chart with strong volume followed by a breakout of a bullish flag formation. The stock is trading above its important moving averages.

On the upside, Rs 385 is an immediate resistance area; above this, we can expect a run-up towards Rs 420+ levels in the near term. On the downside, if it breaks Rs 370, then Rs 360 is the next critical level.

(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)