Given the current market volatility, auto stocks seem to be a better bet for long side trades. Select stocks like M&M and TVS Motor can rally up to another 12 per cent.
Select sugar stocks like Balrampur Chini, Dwarikesh Sugar and Renuka had jumped up to 6-fold post the Covid-19 decline; However, off late the stocks have corrected sharply post export limitations.
The MCX Natural Gas futures may test Rs 704 as indicated on the daily charts; the bias for the remainder of the week is likely to remain bullish as long as Natural Gas sustains above Rs 673.
According to the technical analyst, MCX India has a classic setup, precise Bullish BAT pattern on the daily chart with N-wave completed near the potential reversal zone.
Charts of steel stocks signal further downside, indicating a fall up to 20 per cent in select shares; cement counters indicate a wait-and-watch approach
The upside for MCX Gold June futures seem capped around Rs 51,500-odd level; while MCX Silver futures are likely to face strong resistance in the Rs 64,200 - 64,800 range.
According to technical analyst from HDFC Securities, Chalet Hotels is trying to find support at 50 days EMA, whereas, UTI AMC has formed a bullish 'hammer' candlestick pattern on the chart.
The MCX Gold futures may slide towards the 200-DMA at Rs 48,840 in the near term; while the broader trend indicates a downside target of Rs 53,000 for MCX Silver futures.
Among the losing pack, Solara Active Pharma Sciences has slumped 75 per cent, while Aarti Drugs, MCX India and Tata Communications are other major laggards
The stock has declined more than 50 per cent from its 52-week high touched in December 2021; Charts indicate the best way to approach the stock is to stay on the sidelines for now.
