Wednesday, August 17, 2022

ril share price: Big Movers on D-St: What should investors do with RIL, MRPL and ONGC?

-


Indian market closed in the red for the third consecutive day on Friday. The S&P BSE Sensex closed below 53,000 while Nifty50 recouped some losses and closed above 15,750 levels.

Sectorally, buying was seen in FMCG, Realty, finance, consumer discretionary, and IT stocks while selling was visible in Energy, Oil & Gas, and public sector companies.

Stocks that were in focus included

which fell more than 7 per cent, which was down nearly 10 per cent, and which saw a dip of over 13 per cent.



Here’s what Pravesh Gour, Sr. Technical Analyst, recommends investors should do with these stocks when the market resumes trading today:


Industries: Slips below 200-DMA
The counter has slipped below its 200-DMA which is not an encouraging sign. However, Rs 2375-2300 is a strong demand zone.

« Back to recommendation stories

If Reliance manages to hold this zone, then we can expect a bounceback otherwise there will be a risk of a move towards the Rs 2,180 level.
On the upside, Rs 2,500-2,600 has become a key supply area where it needs to take out the Rs 2,600 level for fresh bullish momentum.

MRPL: 20-DMA of 95 is a key hurdle
The counter is topping out with head and shoulder formation after a strong run-up where Rs 75 is neckline support. Below this, we can expect a vertical fall towards Rs 65/60 levels.

On the upside, 20-DMA of 95 has become a key hurdle. Momentum indicators are also witnessing negative crossover followed by negative divergence.

ONGC: Expect a move towards Rs 107 level
The counter is heading for a short-term bearish trend as it is trading below its all-important moving averages, however, Rs 130-125 is an immediate and strong demand zone where bulls will try to fight.

Below Rs 125, we can expect a move towards the Rs 107 level. On the upside, Rs 150 level will act as a key resistance.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)



Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

FOLLOW US

0FansLike
3,433FollowersFollow
0SubscribersSubscribe
spot_img

Related Stories