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Big players on D-Street: What should investors do with Indus Towers, HAL and Prestige Estates?

Stock markets have started the new financial year strong, supported by firm trends in Asian markets. The 30 shares Sensex jumped 363 points to 74,014 and the Clever climbed 135 points to 22,462.

Stocks that were the center of attention included names like Indus Towerswhich increased by 8.26%, HALwhich jumped 2.2%, and Prestige Estateswhose shares gained 7% on Monday.

Here’s what Avdhut Bagkar, technical and derivatives analyst at StoxBox, recommends. investors should do with these stocks when the market resumes trading today.

Indus Towers

The stock hit a new 52-week high on Monday, sparking an optimistic outlook for April. Price action displays robust underlying momentum, with a rally to reach the 325 to 345 levels.

Momentum remains very resilient in the overbought category of the Relative Strength Index (RSI), implying an aggressive chart structure. Unless a decisive move appears below 280, the trend is for levels to increase in subsequent sessions.

From a broader perspective, the “Higher, Higher, Lower” formation remains intact as per the weekly pattern. The crossover of the 50-week moving average (WMA) with the 100-WMA shows an acceleration of an uptrend.

HAL

Until the daily moving average (DMA) support at 50 continues to reinforce the upward bias, the trend is likely to reach uncharted territories in the coming season. The 50-DMA is currently placed at level 3064. The current trend is about to rebound towards levels 3700 -4000, according to the chart formations on the daily and weekly chart. There is immediate support at the 3200 level.

Prestige Estates

After February this year, the stock broke the key hurdle of the 50-DMA placed at 1176 on a decisive note.

This move suggests a build-up of positive bias, eyeing a rise to 1,400, its next key barrier. Closing base support at 1100 would help price action remain in bullish territory.

(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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