Hindustan Zinc, NMDC, Nalco: Trading Strategies for these buzzing stocks
Hindustan Zinc, with a breakout from a falling trendline on the weekly chart, is likely to replicate the movement it had in the month of August 2020.
- Dec 7, 2023,
- Updated Dec 7, 2023 7:36 AM IST
Domestic stock indices extended their gains for the seventh straight session on Wednesday. Buying interest was seen in index heavyweights such as Reliance Industries and a few IT and FMCG stocks. The BSE Sensex advanced 357.59 points, or 0.52 per cent, to end at 69,653.73. The NSE Nifty added 82.60 points, or 0.40 per cent, to end the day at 20,937.70. NMDC has witnessed a vertical rally and has surged in line with the rally in the metal sector. The trend seamlessly has changed but post such a rally, one should not rule out the potential of cool-off or correction in the counter. As far as levels are concerned, the support base has slightly moved upwards towards the Rs 166-170 zone. At present, the stock has a cluster of resistance at the higher zone starting from Rs 190 to 196. Looking at the recent price action, the stock is likely to continue its northward journey, but one needs to remain cautious in the counter and should trail profits with strict trailing stop loss.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Also read: IDFC First Bank, Bharti Airtel block deals: Stocks in news on report Warburg Pincus may sell stakes
Domestic stock indices extended their gains for the seventh straight session on Wednesday. Buying interest was seen in index heavyweights such as Reliance Industries and a few IT and FMCG stocks. The BSE Sensex advanced 357.59 points, or 0.52 per cent, to end at 69,653.73. The NSE Nifty added 82.60 points, or 0.40 per cent, to end the day at 20,937.70. NMDC has witnessed a vertical rally and has surged in line with the rally in the metal sector. The trend seamlessly has changed but post such a rally, one should not rule out the potential of cool-off or correction in the counter. As far as levels are concerned, the support base has slightly moved upwards towards the Rs 166-170 zone. At present, the stock has a cluster of resistance at the higher zone starting from Rs 190 to 196. Looking at the recent price action, the stock is likely to continue its northward journey, but one needs to remain cautious in the counter and should trail profits with strict trailing stop loss.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Also read: IDFC First Bank, Bharti Airtel block deals: Stocks in news on report Warburg Pincus may sell stakes