Big Movers on D-Street: What should investors do with Shree Cement, Policybazaar and Apar Industries?

Equity benchmarks were lacklustre on Monday amid weak trends in global markets. The 30-share BSE Sensex fell by a marginal 9 points to settle at 62,970, while Nifty rose 25 points to 18,691.

Stocks that were in focus include names like Shree Cement, which fell 5.6%, Policybazaar, which rose 6.54% and Apar Industries, whose shares jumped 5.08% on Monday.

Here's what Jatin Gohil, Technical and Derivative Research Analyst at Reliance Securities, recommends investors should do with these stocks when the market resumes trading today:


Shree Cement – Sell
The stock extended loss post gap down opening and slipped below 23,000-level for the first time since mid-Feb’23. Trendline breakdown and sell signal on the medium-term timeframe chart indicate that undergoing negative momentum may accelerate.

This could drag the stock towards 21,450-level initially and 20,150-level subsequently. On the higher side, the stock may face hurdle at around 24,000-level.

Policybazaar – Buy on dips
The stock surpassed its prior point of polarity (650-level) convincingly during the month and later extended gain. The stock is positively poised above its key moving averages and its technical indicators are in favor of the bulls on the short-term as well as medium-term timeframe charts.

The stock has the potential to move towards 825-level. In case of any decline, the stock may find support at around its 50-day EMA. Since 7th Feb’23, the stock has respected that moving average.

Apar Industries – Buy on dips
Continuing its prior daily rising trend, the stock witnessed cup and handle breakout and rose to a new lifetime high of 3,360-level.

As per the current set-up, the stock is poised to test its target point of the pattern, which is around 4,075-level. The key technical indicators are positively poised on the medium-term timeframe chart. On the lower side, the stock may find support at around 2,850-level.

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