Big Movers on D-St: What should investors do with Zensar Technologies, Max Healthcare and DLF?

Indian market closed in the green for the second day in a row on Monday. The S&P BSE Sensex rose more than 300 points while the Nifty50 closed just a shade below 18400 levels.

Sectorally, buying was seen in realty, FMCG telecom, and the public sector while some selling was visible in power, utilities, and oil & gas.

Stocks that were in focus include names like Zensar Technologies which was up nearly 13%, Max Healthcare which rose over 4% and DLF which closed with gains of over 7% 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:

Zensar Technologies – Profit booking
Continuing its prior rising trend, the stock rose to a 52-week high of Rs 390 on 15th May’23 and tested its prior point of polarity (placed at around Rs 385).

The stock witnessed 38% rise M-T-D (Month-Till-Date) and reported 93% jump from its 52-week low of Rs 202. Due to the consecutive rise in the stock, its daily RSI rose to 89-level.

In the past, the stock either remained sideways or witnessed profit booking after its daily RSI moved above the 85-mark. In case the stock violates its near-term support zone of Rs 365-360, the short-term decline cannot be ruled out.

However, a convincing move above its prior point of polarity may invalidate short-term uncertainty.

Max Healthcare – Buy on dips
In this month, the stock witnessed a breakout from ascending triangle pattern and recorded a new high of Rs 525.

Ascending triangles are often called continuation patterns since the price will typically break out in the same direction as the trend that was in place just prior to the triangle forming.

The stock has the potential to move towards Rs 560 initially and Rs 595 subsequently, which coincides with its possible target points. Its major technical indicators are positively poised.

Fresh long positions can be initiated at the current juncture and on dips towards Rs500 for a probable rise. On the lower side, the stock may respect its extended breakout line, which is placed at around Rs 455.

DLF – Buy on dips
On 15th May’23, the stock nullified short-term uncertainty, as it surpassed the prior swing high and rose to a 52-week high of Rs 476. The key technical indicators are in favor of the bulls on long-term as well as medium-term timeframe charts.

This could take the stock towards Rs 520 initially and Rs 575 subsequently. Fresh long positions can be initiated at the current juncture and on dips towards Rs450 for a desired action.

In case of any decline, the stock may find support around the Rs 425-410 zone.

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