Trade Spotlight | Your strategy for PB Fintech, Olectra Greentech, Radico Khaitan today?

Olectra Greentech which rose more than 19 percent to Rs 480, the highest closing level in the last month, forming a strong bullish candlestick on the daily scale on significantly higher volume, continued uptrend for the second session in a row after gaining support at the low of September 21, 2021 in the previous session.

Bears maintained control of Dalal Street for six straight days, pulling benchmarks down to a four-month low on February 24 amid selling in most sectors outside of healthcare and oil and gas.

The BSE Sensex corrected more than 140 points to close below 59,500, while the Nifty50 fell over 45 points to 17,465, its lowest closing level since October 17 last year, forming a bearish candlestick pattern on the daily charts that made lower highs and lower lows for the sixth session in a row.

The broader markets were also under pressure with the Nifty Midcap 100 and Smallcap 100 indices falling 0.2 per cent on weak breadth.

However, stocks that outperformed broader markets included Olectra Greentechwhich rose more than 19 percent to Rs 480, the highest closing level in the last month and formed a strong bullish candlestick on the daily scale with significantly higher volume, continuing the uptrend for the second consecutive session after gaining support at the September 21 low , 2021, in the previous session.

PB Fintech also formed a long bullish candle on the daily charts on healthy volumes as the stock rose 10.6 percent to Rs 577, its highest closing level since August 16 last year. The stock has also seen a decisive breakout of a long downward resistance trend line bordering the highs of November 17, 2021 and February 13, 2023, climbing above all important moving averages.

Radico Khaitan was also in focus, rising 3.4 percent to Rs 1,172 on above-average volume, continuing its uptrend for the third consecutive day. The stock has made higher highs and higher lows for the second session in a row and traded above all important moving averages.

Here’s what Rajesh Palviya of Axis Securities advises investors to do with these stocks when the market resumes trading today:

PB Fintech

Since November 2021, the stock has declined, but with the last 3-4 months of price action, the stock has confirmed a trend reversal and formed a series of higher highs and lows. This buying momentum was accompanied by huge volumes, signaling increased participation at lower levels.

Currently, the stock is well placed above its 20, 50, 100 and 200-day SMA (Simple Moving Average), confirming a bullish trend. The daily and weekly strength indicator RSI (relative strength index) is bullish terrain and holding above the 50 mark, indicating continued strength.

Investors should buy, hold and accumulate this stock with an expected upside of Rs 650-685, with a downside support zone at Rs 520-480 levels.

Olectra Greentech

With last week’s strong rally, the stock has witnessed a strong pullback from lower levels along with huge volumes. Increased volume at lower levels signals increased participation at lower levels.

With the past couple of weeks of price action, the stock has formed an “engrossing bullish” which is a short-term trend reversal pattern. The daily and weekly strength indicator RSI is in bullish territory, confirming rising strength at lower levels.

Investors should buy, hold and accumulate the document with an expected upside of Rs 530-555, with a downside support zone at Rs 425-400 levels.

Radico Khaitan

The stock is in a strong upward trend across all timeframes and forms a series of higher tops and bottoms. The stock is well positioned above all of its short- and long-term moving averages, and the price is rising along with rising averages, confirming a bullish trend.

The daily, weekly and monthly strength indicator RSI is in bullish territory, confirming rising strength at lower levels.

Investors should buy, hold and accumulate stocks with an expected upside of Rs 1,230-1,350.

Disclaimer: The views and investment tips expressed by investment experts at Moneycontrol.com are their own and not the site’s or its management. Moneycontrol.com advises users to check with certified experts before making investment decisions.