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Midcap Stocks To Watch – tata power, CEAT, Adani Total Gas, Gujarat Gas, NLC India, NTPC Green
Expert Pradeep Haldar said that the market is in correction mode, but in the meantime, investors should focus on such stocks where they are showing strength and buying is going on. In this context, he told about the stock of Tata Power and CEAT. After this gave his opinion on bullish midcap stocks.
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Tata Power can show a target of Rs 408 once in a short time from its current level. From a one to two day perspective, the stop loss needs to be maintained at a range of around Rs 384 per share. Investors can follow this by taking a positional view.
A significant movement has been seen in CEAT stock. At the current level of this stock, there was already a continuous morning star formation on the daily candle. After that there are continuous higher high formations. In fact, the price is sustaining above the 20 moving average price. So the first target here will be around Rs 3695 per share.
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The second target can be Rs 3765 per share. A stoploss needs to be maintained at the level of Rs 3550 per share. There is a need to keep a positional view in this stock also.
Experts said that Adani Total Gas stock hit upper circuit on Wednesday. So, on Thursday also a significant rise was seen in this stock. There was a lot of action in the stock due to the way the LPG crisis is going on. There has been some upward correction in this stock. Overall, the stock has been in a down trend.
He said that the nonstop daily weekly monthly chart of this stock will be negative for the next seven to eight months. There has been some movement in the stock in the last two days. Even today it is still around 11 percent. But experts believe that this pace will not be sustained further. This may last for two to three days. In this, one should not build position in higher time frame, because yesterday also 20% was lost.
He further said that some profit booking is being seen from there. If anyone has a position, you would be advised to book profit. If your view is long term then maintain a stop loss around 572. But if you had bought with a view of one to two days, then you should book profit.
Experts said that Gujarat Gas stock has a resistance in the range of Rs 430 per share and this resistance is not recent but has been going on since last year. So already there is a triple top formation in the weekly chart in the range of Rs 430-435 per share and even today after reaching the high level of Rs 432, it has come down again. So put stop loss at the level of Rs 382 per share. If anyone has a position, they hold it. But it would not be right to build a fresh position here.
NLC India has not crossed the level of Rs 292 per share in the weekly chart and was holding a down trend. Still seeing a bit of a bounce back, but no up trend. Still it can go till the level of Rs 272-273 per share, so if anyone has a position then hold it. You can book profit at the level of Rs 275 per share. Investors can make a fresh move if it sustains above Rs 295 per share.
NTPC Green Energy has been trading at around Rs 90. The stock has already fallen from Rs 140-135 per share to Rs 90 in the next 5-6 months. You will see this move once it reaches Rs 97-98 per share. But if it is sustained above the level of Rs 112, it will once again be seen moving to Rs 125 – 130 per share. But until the psychological level of 100 is not crossed, investors will be advised not to make fresh purchases.
(Disclaimer: This article is for informational purposes only and should not be construed as investment advice in any way. ET NOW Swadesh recommends its readers and viewers to consult their financial advisors before taking any money-related decisions.)
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