The Union Budget kept the benchmark indices moving like a roller-coaster, gluing the intra-day trader to the edge of his seat. Eventually, the indices ended on a negative note to a near two-week low. The Sensex fell 72 points to close at 25,372.7 and the Nifty declined 17 points to finish at 7,567.7 levels. Nevertheless, there were cheers for some sectors and stocks which are momentum based. We take a look at a few stocks from a technical perspective.

Prestige Estates Projects (₹252.2) was choppy and gained almost 7 per cent on above-average volumes. The stock’s immediate support level at ₹236 and its 21-day moving average around this level provided cushion for the recent rally. Though the medium-term trend is up, the stock lacks bullish momentum to sustain this uptrend. Further, indicators on the daily and weekly charts are showing bearish signals, indicating that a trend reversal is on cards.

Inability to rally above ₹270 will see the stock consolidating sideways with a negative bias. A decisive fall below the immediate support at ₹236 can alter the uptrend and drag the stock down to ₹214 and then to ₹200. The next significant support is in the band between ₹165 and ₹175.

IDFC (₹151.5) skyrocketed 9 per cent accompanied by extraordinary volumes, conclusively breaking through a key resistance at ₹143. This rally has strengthened the medium-term uptrend that has been in place since its February low of ₹88. Even the short-term trend is up. The stock is hovering well above its 21- and 50-day moving averages. Continuation of the current bullish momentum can accelerate the stock to ₹163 and then to ₹183 in the medium term. Immediate support is at ₹143 and then at ₹125. A fall below ₹125 will mar the medium-term uptrend and can drag the stock down to ₹114 or ₹100 in the same timeframe.

Gujarat State Petronet (₹88.1) is another stock which took support from its immediate key base level and bounced up 4.7 per cent. After testing support at ₹84, the stock advanced forming a bullish engulfing candlestick pattern on the daily chart. However, the stock has significant resistance ahead at ₹93. An emphatic breakthrough of this hurdle is needed to reinforce the bullish momentum and take the stock higher to ₹98 and then to ₹104.

On the downside, a conclusive fall below the immediate base level of ₹84 will pave the way for a decline to ₹76 and ₹72 in the short term. A further plunge below ₹72 will mitigate the medium-term uptrend and pull the stock down to ₹66 or ₹63 levels in the medium term.

Bharat Electronics (₹1,840.9), which tumbled 6 per cent, was the top loser among A-Group stocks. The fall extended this week’s loss to 15.8 per cent. Following an accelerated uptrend, the stock registered its new high at ₹2,320 on Monday. It subsequently changed direction triggered by prolonged negative divergence in the daily relative strength index. But the stock is now testing a key support at ₹1,800 levels.

A further plunge below this support can drag the stock down to its subsequent important support at ₹1,600 in the short term. The next supports are positioned at ₹1,450 and ₹1,350 levels. Resistances to note are at ₹2,000 and ₹2,220 levels.

Titan Company (₹327) is another stock which marked its new high at ₹362 on Monday and then started declining.

It plunged 5.7 per cent on Thursday with above-average volumes, breaching its immediate support at ₹340.

The next supports are at ₹315 and ₹300. Resistances to watch for are pegged at ₹340 and ₹360 levels.

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