Trade Spotlight: What should investors finish with Godrej Properties, ONGC and PVR?

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After a day of high fall, the marketplace recovered smartly, with the BSE Sensex climbing up more than 500 indicate reclaim the 59,000-mark on September 21. The recovery in a lot of beaten-down sectors and the rally in worldwide peers ahead of FOMC meeting lifted sentiment.The Nifty likewise closed above 17,550, acquiring 165.10 points driven by FMCG, IT, metals, pharma and select banking & financials stocks. The volatility likewise & cooled down as the India VIX, which measures the expected volatility in the market, decreased 5.55 percent.Stocks that were in focus included state-owned oil & gas expedition business ONGC, which was the second-biggest gainer amongst Nifty50, rising 5.21 percent to close at Rs 135.20 after hitting an intraday high of Rs 136, the highest levels seen given that November 2019. It has actually rallied 23 percent in the last month.Mumbai-based realty developer Godrej Residence struck a record high of Rs 1,758.60 before closing with gains of 4.78 percent at Rs 1,723.65, while multiplex chain operator PVR was also in action, rising 5.95 percent to Rs 1,508.50 and was the leading gainer in the F&O segment.Here’s what Mazhar Mohammad, Chief Strategist– Technical Research & Trading Advisory,, advises financiers need to finish with these stocks when the marketplace resumes trading today: Godrej Properties This counter appears to have resumed its uptrend after a brief battle for a number of sessions, from the lows of Rs 1,602 hit on last Monday. As it is trading in uncharted area, any mild weakness in the next session can be a chance to develop fresh long positions.A close look at the last 20 weeks of rate action reveals that it is relocating some kind of rising channel. For this reason, a breakout above the stated channel can open up bigger targets towards Rs 1,900. Therefore, existing investors are recommended to hold whereas fresh purchasing must

be considered on dips however with a stop below Rs 1,650. ONGC Despite the existing breakout on short-term charts, long-term pattern stays down in this counter, as it topped out in 2014 with a high of Rs 314 and

likewise stayed an underperformer in the present 18-month bull market.However, in the near term, as long as it sustains above Rs 125 a higher

target of

Rs 147 can be anticipated. In in between, around Rs 145 levels, it may face stiff resistance from the down-sloping trendline on monthly charts, which is in development from the highs of the year 2014. For that reason, it looks prudent for traders to think about booking earnings around Rs 140. PVR This counter appears to have registered a fresh breakout, from a downward tilting channel after remaining in a restorative and combination stage of 65 days. For this reason, if it sustains above Rs 1,405, its preliminary target can be near Rs 1,590. But a bigger breakout with a brisk upmove for higher targets is possible on a close above Rs

1,592. In that situation, a higher target of Rs 1,800 must be expected.Traders are advised to hold for a preliminary target of Rs 1,590 by placing a stop below Rs 1,400. In between, any dip towards Rs 1,450 can likewise be a chance to develop fresh longs.Disclaimer: The views and financial investment pointers expressed by specialists on are their own and not those of the site or its management. advises users to consult qualified professionals before taking any financial investment choices.

Released at Tue, 21 Sep 2021 21:06:30 -0500