Trade Spotlight | How to deal in Bharti Airtel, Navin Fluorine, Amara Raja Energy today

Sunil Shankar Matkar

April 24, 2024 / 05:52 AM IST

Stocks Ideas

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'); $("#lightbox_cb").css({ filter: "alpha(opacity=80)" }).fadeIn()*/ $(".linkSignUp").click(); } function overlay(n) { document.getElementById('back').style.width = document.body.clientWidth + "px"; document.getElementById('back').style.height = document.body.clientHeight +"px"; document.getElementById('back').style.display = 'block'; jQuery.fn.center = function () { this.css("position","absolute"); var topPos = ($(window).height() - this.height() ) / 2; this.css("top", -topPos).show().animate({'top':topPos},300); this.css("left", ( $(window).width() - this.width() ) / 2); return this; } setTimeout(function(){$('#backInner'+n).center()},100); } function closeoverlay(n){ document.getElementById('back').style.display = 'none'; document.getElementById('backInner'+n).style.display = 'none'; } stk_str=''; stk.forEach(function (stkData,index){ if(index==0){ stk_str+=stkData.stockId.trim(); }else{ stk_str+=','+stkData.stockId.trim(); } }); $.get('//www.moneycontrol.com/techmvc/mc_apis/stock_details/?classic=true&sc_id='+stk_str, function(data) { stk.forEach(function (stkData,index){ $('#stock-name-'+stkData.stockId.trim()+'-'+article_id).text(data[stkData.stockId.trim()]['nse']['shortname']); }); }); function redirectToTradeOpenDematAccountOnline(){ if (stock_isinid && stock_tradeType) { window.open(`https://www.moneycontrol.com/open-demat-account-online?classic=true&script_id=${stock_isinid}&ex=${stock_tradeType}&site=web&asset_class=stock&utm_source=moneycontrol&utm_medium=articlepage&utm_campaign=tradenow&utm_content=webbutton`, '_blank'); } }

The market closed higher for three days in a row with significant easing in volatility. The Nifty 50 continued to hold on to the 22,300 mark for yet another session with higher highs, higher lows formation. Hence, as long as it holds the same, 22,400-22,500 can be possible on the index in the coming sessions, while crucial support remains at the 22,000 mark, experts said.

On April 23, the Nifty 50 rose 32 points to 22,368, and formed a bearish candlestick pattern on the daily charts due to profit-booking at higher levels, while the BSE Sensex was up 90 points at 73,738. The broader markets remained strong, outperforming the benchmark indices as the Nifty Midcap 100 and Smallcap 100 indices gained more than 1 percent each.

Stocks that performed much better than the benchmarks as well as broader markets included Bharti Airtel, Navin Fluorine International, and Amara Raja Energy and Mobility. Bharti Airtel continued uptrend as well as higher highs, higher lows formation for fourth consecutive session, rising 3.5 percent to end at new closing high of Rs 1,342. The stock has formed bullish candlestick pattern on the daily charts with strong volumes, while it traded above all key moving averages.

Navin Fluorine International rose nearly 3 percent to Rs 3,374 and formed a bullish candlestick pattern on the daily charts with above-average volumes. The stock has been making higher highs, higher lows on the daily charts since mid-March, while it has seen a breakout of falling resistance trendline.

Amara Raja Energy surged 11.4 percent to end at new closing high of Rs 1,160 and formed robust bullish candlestick pattern on the daily charts. The trading volumes remained strong for last five days, while the stock traded well above all key moving averages.

Here's what Riyank Arora of Mehta Equities recommends investors should do with these stocks when the market resumes trading today:

Bharti Airtel

The stock has given a good breakout and successful confirmation, closing above its parallel channel resistance zone. With the RSI (relative strength index - 14) on its daily charts around 76, the overall momentum looks strong. And the stock is poised for a strong upside move towards Rs 1,425 - 1,450 levels in a spree of momentum rally. A strict stop-loss should be kept near Rs 1,300 for all existing long positions on the stock.

Navin Fluorine International

The stock has given a good breakout above its trendline resistance mark of Rs 3,320 on its daily charts. RSI (14) saw a good upward tick touching that mark of 68, showing good signs of momentum pickup.

As per the current technical structure, the stock looks poised for an up-move towards Rs 3,680 and Rs 3,880 levels with a strict stop-loss that should be kept near the Rs 3,275 mark to manage risk well.

Amara Raja Energy

The stock has given a strong breakout above its all-time high mark of Rs 1,128, which was in August 2015. With the RSI (14) on daily charts around 85, the stock is showing slightly overbought conditions, and it is suggested to wait for a minor pullback to initiate any long positions on the stock.

A strict stop-loss should be kept at the Rs 1,100 mark for all existing long positions for upside potential targets of Rs 1,225 and Rs 1,250 levels.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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