Lupine share price: Big Movers on D-St: What should investors do with Lupin, Adani Green and Union Bank of India?

Indian markets closed in the red for the second day in a row on Thursday, trailing weak global indices. The S&P BSE Sensex fell over 400 points while Nifty50 managed to hold at 18,000 levels.

Sector-wise, the sell-off was seen in autos, consumer durables, public sector, metals and capital goods stocks.

Targeted actions include names such as

which rose more than 3%, fell nearly 2% before the results and closed with gains of more than 4% on Thursday.

Here’s what Amol Athawale, Assistant Vice President – Technical Research, Kotak Securities Ltd. recommends investors do with these stocks when the market resumes trading today:

Union Bank of India: Buy
The stock has rebounded more than 45% so far this quarter. On Thursday, despite weak market conditions, the stock maintained its positive momentum.

The short-term texture of the stock is robust, but due to temporary overbought conditions, we could see profits recorded at higher levels.

For traders, buying on corrections and selling on rallies could be the ideal strategy.

In the near future, 62 and 60 would act as key support areas. On the other hand, 70 and 73 could be the important resistance area for the bulls. The uptrend would be vulnerable if the stock closed below 60.

Lupin: Wait and watch
On Thursday, the stock opened with a rising spread, but after a robust open, it took profits at higher levels.

Currently, the stock is trading above the 200-day SMA (simple moving average), but in the short term, it is seeing limited activity.

The stock’s short-term texture is non-directional, perhaps traders are waiting for confirmation from either side.

For bulls, 735 would be the key level to watch. If the stock manages to close above the same level, then it could rise as high as 780-800. On the other hand, below 690 or 200 day SMA it might slide to 660-650.

Green Adani: Buy Now

After a short-term correction, the stock took support near the 200-day SMA (simple moving average). The stock has formed a higher lower formation on the daily and intraday charts indicating a strong possibility for further upside from current levels.

We believe that the short-term texture of the stock is up, but a new uptrend rally is only possible after the rejection of 2250 or the 50-day SMA.

A break above Rs 2250 could bring the title towards 2350-2375. A close below the 200-day or 2150 SMA, traders may prefer to exit long trading positions.

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

Karen J. Nelson