Stocks that were in focus include names like CDSL, which rose 9.58%, Hindustan Zinc, which fell 9.4%, and Paras Defence, whose shares increased 5% on Monday.
Here’s what Pravesh Gour, Senior Technical Analyst at Swastika Investmart, recommends investors should do with these stocks when the market resumes trading today.
CDSL
The stock has given a breakout from a channel formation on the daily time frame but has witnessed some profit booking from higher levels. Recently, it retested the breakout level and surged almost 10% in a day, making the charts look very lucrative. Technically, the first hurdle will be at the 3000 mark.
Above the 3000 zone, a rally towards the 3333 mark is expected. On the downside, key support will be at the 2550 level.Hindustan Zinc
Following the news of the OFS, the stock has slipped below its key trend line support and moving averages, signaling potential weakness.
This opens the door for a downside move toward the 200 DMA, around the 450-440 level, which could present an attractive buying opportunity. On the upside, the immediate resistance is at the 100 DMA, near the 560 mark.
Paras Defence
After a strong bull run, the stock has witnessed some corrections from higher levels, forming lower highs and lower lows patterns on the daily time frame.
It is likely to find support at the 61.8% retracement level of the previous rally, around the 1080-1075 level. A slip below this level could lead to further weakness towards the previous breakout level of 1000. On the upside, key resistance will be at the 1270 level, where the 20 & 50 DMA are placed.
(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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