tata elxsi share price: Big Movers on D-St: What should investors do with Coal India, Bharat Forge and Tata Elxsi?

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Indian market closed higher for the fifth consecutive day in a row on Friday. The Nifty50 closed just a shade below the 17,700 mark while the S&P BSE Sensex rose more than 100 points.

The market remains closed on Monday on account of the Independence Day holiday.

Sectorally, buying was seen in oil & gas, energy, metals, utilities, public sector, and power stocks while selling was seen in healthcare, IT, auto, and capital goods.

Corporate Radar

Stocks that were in focus include names like , which was up more than 1 per cent, Bharat Forge rallied more than 7 per cent, and which hit a fresh 52-week high and closed with gains of nearly 8 per cent.

Here’s what Santosh Meena, Head of Research, recommends investors should do with these stocks when the market resumes trading today:

Tata Elxsi: Buy

The counter is in a strong bullish momentum where it has moved in 5-digit territory with a ferocious move followed by a breakout of the symmetrical triangle formation.

Most of the momentum indicators are in overbought territory but they may remain overbought for some more time and Tata Elxsi may move towards the Rs 12,000 level in the near term.

On the downside, Rs 9,700-9,400 will act as an immediate demand zone.

Coal India: Buy

Coal India is continuing its upside momentum with higher highs and higher lows formation where it manages to close above the key hurdle of Rs 215 which has opened the door for further upside.

On the upside, Rs 230 is an immediate hurdle then Rs 240/250 are possible target levels. On the downside, a breakout area of Rs 210-205 will act as an immediate demand zone.

Momentum indicators RSI, ADX, and MACD are positively poised to support the breakout in this counter.

Bharat Forge: Buy
The counter has witnessed the breakout of the key hurdle of Rs 750 with heavy volume and breakaway gap.

The upside momentum is likely to continue towards the previous swing high of Rs 840 while the breakout level of Rs 750 will act as an immediate support level.

On the weekly time frame, there is a breakout of bullish flag formation which indicates much more potential upside in the coming days. Momentum indicators are also supporting the current bullish momentum.

(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times.)

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