Sector wise selling was seen in Power, Telecom, Utilities, Energy, Oil & Gas and Realty.
Stocks that hit fresh record highs in a weak market included names such as Gillette India, which rose more than 3%, and Rainbow Children’s Medicare Ltd, which closed up more than 5% on Monday.
We spoke to an analyst about how these stocks should look in the next trading day from an academic standpoint:
Analyst: Priyanka Limaye, CA , CMT
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Gillette India: CMP 10,395
The stock has been moving higher and has given a breakout to the previous high level supported by the previous week’s volume.
Relative Strength Index (RSI) is in super bullish zone. MACD is a buy signal. Volume has been good in the last two days.
The level of 10,550 will be a crucial technical barrier. Clearing this barrier will take the stock towards 12500 and immediate support will be placed at 9,500-9,300 zone.
Rainbow Children’s Medical Care: CMP 1,630
The stock has been rising slowly for the last 2-3 months but now needs to sustain this level of 1650 to move upwards. RSI and MACD are in buy mode.
Volume has been providing enough support for the past few weeks and if it holds here at 1650, it may rise to 1720-1880 levels in the near term.
Strong support is at 1480-1350 level.
(Disclaimer: Recommendations, suggestions, opinions and views given by experts are their own. These do not represent the views of Economic Times)
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