Big Movers on D-St: What should investors do with J&K Bank, APL Apollo and Castrol India?

The S&P BSE Sensex rallied nearly 300 points while Nifty50 closed above 18200 levels.

Stocks that were in focus included names like

which was up nearly 4%, which rose nearly 2%, and which hit a fresh 52-week high on Tuesday.

Here’s what Viral Chheda, Technical Analyst, SSJ Finance & Securities recommends investors should do with these stocks when the market resumes trading today:


J&K Bank: Book Profits

The stock price has witnessed some bull run to make a high of Rs 34 odd levels in September 2022 from the low of Rs 23.80 in June 2022 on the daily chart.

Prices faced resistance at 200-DMA and from there, some correction was seen to a low of Rs 26.70. After consolidating around that level for the next few days, the price once again surged and this time it surged with high volumes.

A breach of 200-DMA at Rs 32-odd level added momentum to the stock which pushed it to make a 52-week high of Rs 47.40 odd level.

At higher levels, the price has made a Double Top and unless it doesn’t close above the 49 level, we can see some profit booking from here till Rs 38 odd level.

The Stochastics Oscillator is currently moving in the overbought zone and minor corrections can be seen.

One can book some profit at the current level and for fresh entry, one should wait till Rs 38 levels and more on dips of Rs 35. A stop loss of Rs 33 can be placed on a weekly closing basis for an upside level of Rs 50-58 in the next 6-8 months.

APL Apollo: Buy
On the longer-term chart, we can see that the stock has rallied from a low of Rs 718 in July 2021 and has given an upside rally to make an all-time high of Rs 1177 odd level in October 2022.

In this rally, the price has made a Higher Top and Higher Bottom pattern. The volumes were also good. From the high, the price witnessed some profit booking as it made a low of Rs 988-odd levels.

During this downfall, the price has moved in a Parallel Channel. This week, the price has breached the pattern along with higher volumes which indicates further upside from here.

Price is also moving above moving averages like 20 WMA, 50 WMA and 200 WMA which is a good indicator for the upside.

Hence, one can buy at this level and more on dips towards Rs 1075 with a stop loss of Rs 1020 on a weekly closing basis for an upside level of Rs 1280-1400 in the next 8-10 months.

Castrol India: Buy
On the daily chart, in the period starting from July 2022 to October 2022, price consolidated in the range of Rs 110 -120 odd levels and after breaching the range on the higher side, we saw some upside rally to make a 52-week high of Rs 135 odd level.

Volumes were high during this upward move. Price is moving above most of the moving averages of 20WMA, 50WMA and 200WMA.

Currently, the price is trading in the resistance zone and once it breaches the higher level of Rs 137, we can see a sharp upside rally till Rs 145-155 odd levels.

The Stochastics Oscillator is moving in an upward trend and volume has increased which indicates some bull run.

At this stage, one should wait for a breakout above Rs 137 for an upside target of Rs 155-170 odd level with a stop loss of Rs 123 on a weekly closing basis.

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