tata chemicals share price: Big Movers on D-St: What should investors do with Tata Chemicals, Mahindra Lifespace and Campus Activewear?

In view of weak global cues, the Indian market closed with a fall on Friday. S&P BSE Sensex fell over 600 points while Nifty 50 closed below 17,800 level.

In the sector, buying was witnessed in power, utilities and capital goods, while some selling was witnessed in realty, metals, public sector and energy sector.

Stocks that were in focus included

That hit a new 52-week high, rising more than one percent, and campus activewear rose nearly 7 percent on Friday.

Head of Research Santosh Meena suggests what investors should do with these stocks when the market starts trading today:

Tata Chemicals: Buy
The counter is in a classical uptrend as it has also given a flag breakout on the daily chart. On the weekly chart, the stock has seen an attractive breakout of a triangle pattern formation above Rs.1000.

The pattern suggests an immediate target of Rs 1300 while there is a potential for further upside towards the Rs 1500 level. On the downside, Rs 1050 will be an immediate support level.

MACD (Moving Average Convergence Divergence) is supporting the current strength while the momentum indicator RSI (Relative Strength Index) is also turning positive.

Mahindra Lifespace: Buy
The primary structure of the counter is consistently following the uptrend and has also given a long consolidation breakout on the daily chart.

The stock is trading above the 9, 20, 100 and 200-SMA averages. On the upside, Rs 550 is an immediate susceptible zone; Above this, we are expecting a longer run towards the Rs 600 level. On the downside, Rs 420 is an important level.

Campus Activewear: Rs 550 is an immediate resistance zone
The structure of the counter looks attractive as it is taking support from the Rs 400 level. The counter has seen a breakout of the Cup and Handle formation on the daily chart.

On the upside, Rs 550 is an immediate resistance area; Above this, we can expect Rs 600 level in the near term. On the downside, if it slips below the Rs 450 level then Rs 400 is the next and sacred support level.

(Disclaimer: Recommendations, suggestions, views and opinions given by experts are their own. They do not represent the views of The Economic Times)


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