adani enterprises share price: Big Movers on D-St: What should investors do with General Insurance, Adani Enterprises and Bata India?
Sectorally, buying was seen in auto, FMCG, power, energy, and metal stocks while some selling was seen in IT stocks.
Stocks that were in focus include names like General Insurance Corporation which rallied more than 12%,
which rose over 2% to hit a fresh 52-week high and which closed with gains of over 1% on Monday.
Here’s what Jatin Gohil – Technical and Derivatives Research Analyst at Securities recommends investors should do with these stocks when the market resumes trading today:
General Insurance Corporation – Book profit
After a narrow range of consolidation, the stock resumed its upmove in November 2022 and extended gains subsequently. This took the stock to a fresh 52-week high of Rs 192 quite rapidly.
Due to such a sharp up-move, the key technical indicators are stuck around the overbought zone and may reverse downwards.
On the higher side, the stock may face hurdles around its medium-term supply zone (Rs 220-240).
Adani Enterprises – Buy
The stock remained sideways after recording a new high and is poised for a range breakout. This could lead the stock towards Rs 4,400 in the near term. The key technical indicators are in favor of the bulls on major timeframe charts.
In case of any decline, the stock will find support around its upward-slopping 20-day EMA, which is currently placed at around Rs 3,970.
Bata India – Buy
After a higher level of reversal, the stock tested its prior point of polarity (placed at around Rs 1,610) and is poised for a short-term reversal. The stock has the potential to move towards Rsc2,000 in the medium term.
The key technical indicators reversed from the lower levels and witnessed a bullish cross-over on medium-term as well as short-term timeframe charts.
In case the stock violates its prior swing low of Rs 1,610, the probable up-move will be negated.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)
