Trade Spotlight | What Should You Do With Affle India, NTPC, Pidilite Industries, And GNFC?

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The market clocked significant gains with the benchmark indices closing nearly fresh seven-week highs on January 4, continuing an uptrend for the third consecutive session. Banking and financials kept on providing strong support to the market.

The rally has been so strong that the BSE Sensex shot off 150 points beyond the psychological 60,000 mark, rising 673 points to 59,856, while the Nifty50 closed above 17,800, climbing 180 points to 17,805. However, the broader markets underperformed benchmark indices, rising 0.3 percent.

Stocks that were in focus include Affle India, which hit a fresh intraday record high of Rs 1,368.80 before closing 10.31 percent higher at Rs 1,317.40, and Pidilite Industries which also touched an intraday high of Rs 2,607.50 before closing at Rs 2,599.20 with 5.06 percent gains.

NTPC and Gujarat Narmada Valley Fertilisers and Chemicals (GNFC) were the second and the third largest gainers in the futures and options segment, rising 5.48 percent to Rs 132.90, and climbing 5.07 percent to Rs 467.20.

Here\’s what Mazhar Mohammad of Chartviewindia.in recommends investors should do with these stocks when the market resumes trading today:

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Mazhar MohammadFounder & Chief Market Strategist|Chartviewindia.in

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Affle India

This counter seems to have registered a consolidation breakout from its 57-day old contracting structure, present in the broader range of Rs 1,260 – 1,005, to enter uncharted territories hinting at resumption of long-term up move.

Hence, as long as it sustains above Rs 1,203 levels, a higher target of Rs 1,450 can be projected based on the consolidation range.

Therefore, positional traders are advised to adopt a two-pronged strategy of buying now and adding further on declines into the zone of Rs 1,260-1,220 but with a stop-loss below Rs 1,203 levels on closing basis.

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NTPC

There seems to be a decent trading opportunity in this counter as it embarked on a pull back move after retracing almost 80 percent of the last leg of rally from the lows of Rs 112 to a high of Rs 152 levels.

Hence, as long as this counter sustains above Rs 126 levels, an initial target of Rs 145 can be expected.

Therefore, positional traders are advised to hold this counter and even can consider fresh buying on slight dip with a stop-loss below Rs 125.

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Pidilite Industries

New high is a sign of strength with resumption of long-term uptrend. Hence, this counter which seems to have registered a fresh breakout on the back of high volumes, after 52 trading sessions to enter into uncharted territories, can be expected to initially head towards Rs 2,745 levels where some resistance is expected based on line studies of long term charts.

Therefore, positional traders can hold and look to add further on dip into the zone of Rs 2,530 – 2,500 levels with a stop-loss below Rs 2,470.

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GNFC

Albeit this counter appears to have registered a breakout from its minor consolidation range on the huge volumes, it is staring at a possible trendline resistance which is in force from October 6.

Hence, it needs to close above Rs 475 levels in next one or two trading sessions without violating Rs 437 on the downside. On such a breakout above Rs 475, it can eventually be expected to test the Rs 518 levels registered in last October.

Considering higher volumes of last session positional traders, in anticipation of a breakout, can buy for a target of Rs 517 with a stop-loss below Rs 435.

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Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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