Big Movers on D Street: What should investors do with RIL, BSE and Bandhan Bank?

Continuing the rally from previous week, benchmark indices were off to a solid start on Monday, with Sensex ending above the 65,000 mark for the first time. Meanwhile, Nifty too climbed 133 points to end at a record high of 19,322.

Stocks that were in focus include names like RIL, which rose 2.4%, BSE, which gained 9.77%, and Bandhan Bank, whose shares fell 2.8% on Monday.

Here's what Riches Vanara, technical and derivatives analyst at Stoxbox, recommends investors should do with these stocks when the market resumes trading today:


RIL - Buy
The stock has been trading in a descending channel pattern since May 2022. At the current levels, it is approaching the upper end of the channel, which will act as a resistance.

However, the momentum and price action look more promising with the stock getting good support at 10-weekly EMA on every pull back.

The momentum indicator MACD has also entered the bull zone and is trending. We reckon to buy for targets of 2750 and 2850. Any pull back towards 2550 and 2500 will act as good support.

BSE - Buy
We saw some massive buying in the stock with the 10% circuit in Monday’s trading session. The stock crossed its previous breakout zone and successfully closed above it on the daily chart.

The volume is very much supportive to the price action. Hence, we reckon to buy the stock for levels of 695 and 725. Any pullback towards the levels of 660-650 will act as a support area.

Bandhan Bank - Sell
The stock has been trading in a descending channel pattern since December 2020. The stock has reversed well before touching the upper end of the channel and is trading with negative price action on the charts.

The momentum indicator MACD is mildly in the bull zone but sloping downwards. We reckon to sell the stock for targets of 225 and 215. Any pull back towards 240 and 245 will provide a selling opportunity.

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