The Indian market broke a 7-day losing streak and closed in the green on Friday. The S&P BSE Sensex gained over 1,000 points while the Nifty50 recovered 17,000 levels at the close.

Sectorally, buying was seen in telecoms, metals, banks, consumer durables and energy stocks, while some profit booking was seen in oil and gas stocks.

Stocks that were in focus included names like

which rose nearly 5 percent, topped 6 percent, and closed with gains of more than 5 percent on Friday.

Here’s what Pravesh Gour, senior technical analyst, advises investors to do with these stocks when the market resumes trading today:

Solar Industries: Buy
The counter has witnessed a channel break on the weekly chart and the stock is in the formation of higher highs and higher lows on the daily chart for the last four consecutive days.

It has now given a significant correction to retest the previous breakout level of Rs 3,400. The stock is beginning the next leg of a rally where Rs 4,000 is an immediate psychological resistance level.

A close above Rs 4,000 could take the stock to the Rs 4,500 level. On the downside, Rs 3,550 is a major support for any correction.

Granules India: Buy
The counter is coming out of a long consolidation with strong volumes. The overall structure is very bullish as it trades above most of its major moving averages.

The pattern suggests an immediate target of Rs 370, though it has the potential to move further towards Rs 390 levels. On the downside, Rs 300 will act as an immediate support level.

ADX (Average Directional Index) and MACD (Moving Average Convergence Divergence) are supporting the current strength while momentum indicator RSI (Relative Strength Index) is also in positive position.

: Buy
In Friday’s trading session, the counter received support from the 200-SMA with substantial volumes. On the higher side, Rs 38 is the susceptible level.

A close above Rs 38 could take the stock to Rs 42 in a short period of time. On the downside, Rs 34 is an important support level. The stochastic indicator is witnessing a positive crossover into oversold territory.

(Disclaimer: Recommendations, suggestions, views and opinions of experts are own. These do not represent the views of Economic Times)



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