The S&P BSE Sensex rose 344 points at 62,846, while the Nifty50 settled at 18,598 levels.
Among the sectors, consumer durables jumped 1.58% and metals 1.38%. Oil and Gas, IT, and energy were the laggards.
Stocks that were in focus include names like Prince Pipes, which gained 5%, M&M, which was up 3.37% and ONGC, whose shares fell nearly 3% on Monday.
Here’s what Jatin Gohil, Technical and Derivative Research Analyst at Reliance Securities, recommends investors should do with these stocks when the market resumes trading today:
Prince Pipes – Buy
The stock rose to a 52-week high on the back of positive news flow. On the medium-term timeframe chart, the stock formed a higher top higher bottom pattern.
The key technical indicators are positively poised. The stock has the potential to move towards its highest level of April 2022 (Rs 730). In case of any decline, the stock may find support at around Rs 580.M&M – Sell
On 10 April, the stock witnessed a breakout from its 20-day EMA and later moved higher taking support of that moving average. After six trading sessions, the stock formed higher tops.
Hence, key technical indicators tested the overbought zone on a short-term timeframe chart. The stock may witness near-term decline or
consolidation before a fresh up-move.
ONGC – Sell
Since November 2022, the stock has reversed thrice after testing its 100-day SMA. On 29 May 2023, the stock almost approached that moving average and recovered partial damages. The key technical indicators are negatively poised on short-term timeframe charts. In case the stock moves below its 100-day SMA convincingly, a short-term decline cannot be ruled out.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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