Jbm Auto share price: Big Movers on D-St: What should investors do with JBM Auto, Sonata Software and Rail Vikas Nigam?
Sectorally, buying was seen in telecom, auto, consumer durables, and banks while selling was seen in oil & gas, power, IT, and FMCG.
Stocks that were in focus include names like JBM Auto which was up more than 9%, Sonata Software which hit a 52-week high and Rail Vikas Nigam which rose nearly 10% on Monday.
Here’s what Pravesh Gour, Senior Technical Analyst, Swastika Investmart recommends investors should do with these stocks when the market resumes trading today:
JBM Auto: Buy
The counter has witnessed a breakout of a flag formation as well as from a 1-year-long breakout on the weekly chart with strong volume.
On the daily chart, it has given a triangle formation breakout. The structure of the counter is classical as it is trading above all its important moving averages.
The overall structure of the counter is lucrative, as it is trading above its important moving averages. MACD (moving average convergence divergence) is supporting the current strength, whereas the momentum indicator RSI (relative strength index) is also positively poised.On the higher side, Rs. 750 is acting as an important psychological level; above this, we can expect a level of Rs. 800+ in the near-short term, while on the lower side, Rs. 635 will act as a major support during any correction.
Sonata Software: Rs 800 will act as support
The counter has witnessed the breakout of a triangle formation. It has retested its previous breakout level at around Rs. 750 after hitting a fresh 52-week high.
It is trading above all its important moving averages with a positive bias in momentum indicators. On a longer time scale, it has witnessed a breakout of the flag formation with huge volume.
On the higher side, Rs. 900 is acting as an important psychological level. Above this, we can expect a level of Rs. 960+ in the near-short term.
On the lower side, Rs. 800 is the first support, and below this, Rs. 750 will act as major support during any correction.
RVNL: Buy
After a spectacular move in the year 2022, the counter has faced some profit booking at the higher levels and formed a demanding zone at around Rs. 55.
Now, it is witnessing a triangle formation pattern on the weekly chart.
The overall structure of the counter is lucrative, but Rs. 80 is the susceptible level; above this, Rs. 95 looks like an imminent target in the near term. On the downside, the 50-DMA of 65 is a strong support level.
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
