trading spotlight: what should investors to with l&t technology, aster dm healthcare, and adani transmission?

© Nishant Kumar Trading Spotlight: What should investors to with L&T Technology, Aster DM Healthcare, and Adani Transmission?

Indian markets broke out of their consolidation range on September 14 with Nifty50 hitting a record high of 17,438.55. However, profit-booking consequently pulled the index below 17,400 at close.

The broader markets continued their outperformance with the Nifty Midcap 100 index rising 1.35 percent and Smallcap 100 index climbing 0.29 percent. Select banks, auto, and IT stocks supported the market, but the weakness in select FMCG, metals, HDFC twins and Bajaj twins limited upside.

Stocks that were in focus on Tuesday included power transmission company Adani Transmission which climbed 3.82 percent to end at a record closing high of Rs 1,942.40. The stock has registered a growth of 624 percent in the last one year.

L&T Technology Services, a global leader in engineering and R&D (ER&D) services, also jumped 4 percent to end at record closing high of Rs 4,546.40, taking total one-year return to 185.3 percent. Healthcare services provider Aster DM Healthcare shares also saw record closing, rising 1.96 percent to Rs 233.60 on Tuesday. The stock has surged 76 percent in the last one year.

Here's what Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in, recommends investors should do with these stocks when the market resumes trading today:

L&T Technology Services

This counter appears to have resumed its rally after a brief pause of five trading sessions in a narrow trading range indicating some sort of fresh momentum building into this counter.

Moreover, last 31 sessions of price behaviour depicted some kind of ascending channel. Hence, going forward, if this counter sustains above Rs 4,600 levels then a higher target close to Rs 4,990 can be expected.

Meanwhile any dip can be an opportunity to create fresh longs with a stop below Rs 4,350 levels.

Aster DM Healthcare

Despite making new life time highs, this counter, for last 8 trading sessions seems to be consolidating in a range of Rs 237 – 216 levels. However, price action of last session remained indecisive and narrower perhaps indicating impending weakness.

Hence, in next session it may come under pressure if it falls below Rs 230 levels with initial targets placed around Rs 216 which is the lower end of the current trading range.

Contrary to this a close above Rs 237 levels can extend the strength towards Rs 257. Therefore traders are advised to exit this counter if it fails to sustain above Rs 237 on closing basis in next session by placing a stop below Rs 230.

Adani Transmission

This counter vertically rallied to deliver little higher than 100 percent gains just in last 5 weeks from the lows of Rs 925 levels to a high of around Rs 1,954 levels. However, in last trading session it registered a Dragon Fly Doji kind of formation, indicating balance of power between bulls and bears, at higher levels and such formation is usually seen at major turning points.

Hence, it looks critical for this counter to sustain above Rs 1,891 in next couple of trading sessions to retain positive bias. In that scenario if it manages to get past Rs 1,954 levels decisively then a higher target of Rs 2,170 levels can be projected based on the studies of long term charts.

Therefore traders are advised to hold their positions with a stop below Rs 1,890 levels and should consider an exit if it fails to get past Rs 1,950 on closing basis in next two sessions.

Disclaimer: The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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