Following encouraging global cues, the Indian market closed in the green for the sixth straight day on Thursday. Stocks like Raymond, which increased by more than 6%, Glenmark Pharma, which increased by more than 5%, and KPIT Technologies, which increased by more than 1%.
Raymond Ltd., founded in 1925, is a textiles-related Mid Cap firm with a market cap of Rs. 11,416.73 billion.
Textiles, apparel, and revenue from real estate development are among Raymond Ltd.’s core product and revenue segments.
Glenmark was established with the goal of becoming a preeminent, fully integrated, international pharmaceutical firm. We have a sizable presence in markets across emerging economies, including India, through our branded generics business. The corporation conducts business in over 65 nations, including the US, several EU member states, South America, and India. With 14 production sites and 4 R&D centres spread across GPL and GLS, all focused on improving lives around the world.
KPIT Technologies is what the firm likes to refer to as “software on wheels,” or automobile-to-go software. Whereas electronics, such as complex chipsets, sensors, and ECUs, work with millions of lines of code and set the car sector apart.
Due to encouraging global cues, the Indian market closed higher for a sixth straight day, with the S&P BSE Sensex climbing more than 300 points and the Nifty50 ending above 17,900 levels. A few stocks that did well were Raymond, which increased by more than 6%, Glenmark Pharma, which increased by more than 5%, and KPIT Technologies, which hit a new 52-week high. The trend decider level for Raymond, according to technical analyst Amol Athawale of Kotak Securities, is 1640. For Glenmark Pharma and KPIT Technologies, the trend decider levels are 530 and 880, respectively.
Following encouraging global cues, the Indian market closed in the green for the sixth straight day on Thursday. While the Nifty50 finished above 17900 levels, the S&P BSE Sensex increased by more than 300 points.
Real estate, telecom, IT, the auto industry, and metals all saw purchasing while companies in the power and infrastructure sectors saw selling.
Stocks like Raymond, which increased by more than 6%, Glenmark Pharma, which increased by more than 5%, and KPIT Technologies, which increased by more than 1% to reach a new 52-week high on Thursday, were among those that attracted attention.
When the market starts trading today, the following is what Amol Athawale, Deputy Vice President of Technical Research at Kotak Securities Ltd., advises investors to do with these stocks:
Raymond: The trend-determining level would be 1640.
The stock reached a new all-time high of 1756 on last Thursday. The stock has increased by more than 43% so far this month. The stock has created a lengthy bullish candle on intraday charts as well as daily and weekly charts. It’s maintaining a higher bottom formation, which is generally advantageous.
However, momentum indicators imply that the stock is overbought on a short-term time scale, and if it begins to trade below Rs. 1640, there is a considerable likelihood of a swift short-term market correction.
1640 would be the trend-determining level for the bulls for the ensuing few trading sessions. If the stock maintains above the current level, the uptrend is likely to continue up to 1800–1850.
On the other hand, the dismissal of 1640 can result in an immediate short-term correction that lasts until 1580–1560.
Glenmark Pharma: 530 would provide crucial assistance.
The stock has reversed course from its lower levels and is currently trading in a rising channel pattern on a daily timeframe.
The counter is anticipated to retain a bullish continuation chart pattern in the near future, according to the strong bullish momentum.
530 would serve as a crucial support area for traders, while 580 would serve as the main resistance region for short-term traders. However, the upswing would be at risk below the 530 mark.
KPIT Technologies: The trend-determining level would be 880.
The stock is trading in a rising channel chart formation on a weekly scale, consistently making higher top and higher bottom series.
Because of this, all important technical trend indicators, including MACD and ADX, are solid and stable.
As a result, it is highly likely that upward movement from the current level will continue in the near future. For positional traders, the trend-determining level would be 880.
Trading would continue until 1000 if it rose over the same uptrend pattern. Trading long positions may be preferred by traders if it closes below 880.