The 30-stock Sensex surged more than 700 points and settled at 65675.93, while the 50-stock Nifty added more than 230 points and ended well above the 19650-mark.
The rally was more or less broad based, and there were several stars in the midcap and smallcap segments.
Some of the prominent ones were Trident, Manappuram Finance, and Info Edge India, as these stocks rallied more than 5-7%.
Meanwhile, there were several outliers as well in the market, and one among them was Rajesh Exports, which slumped 8% in trade on Wednesday.
Avdhut Bagkar, derivatives and technical analyst at StoxBox recommends how to trade in the above-mentioned stocks when trading resumes on Thursday.
Following a steep decline from Rs 43 level, the stock has managed to find ground at its 200-SMA, currently placed at Rs 33 level. Now, for a move on the upside, the stock has to scale over Rs 40 to uplift the sentiment of bulls. On the downside, the stock needs to hold
Rs 37 to prevent sellers from steering downside bias.
The stock has broken out of the “Falling Channel” as per the daily charts. This move is hinting at a rally towards the Rs 170-mark, while support is placed at Rs 140. One can expect a sharp move once the stock takes out Rs 155, which is its previous reversal level.
The broader structure on charts hints at Rs 5000 level on the upside, and one can see fresh momentum for more long positions in the stock. The immediate supports are placed at Rs 4600 and then at Rs 4480.
The underlying bias has witnessed robust accumulation near the 200-SMA level, building support base for an optimistic long term outlook.
The overall trend for the stock remains unfavourable, and fresh sell-off has triggered the next breakdown in the price action. A gradual decline towards Rs 370 and then to Rs 350 cannot be neglected. Every reversal could be viewed as an opportunity to short the stock. The counter is trading below 50-SMA, 100-SMA and 200-SMA, suggesting the dominance of bears.
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(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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