Indian markets rallied for the second consecutive day in a row on December 24 following (share market investment)  a positive trend seen in other Asian markets. The Nifty50 closed above 13600 while the S&P BSE Sensex rallied over 400 points. 

                          trade-spotlight-birlasoft-





Let’s look at the final tally on D-Street – the S&P(share market investment) BSE Sensex rose 437 points to 46,444 while the Nifty50 was up 134 points to close at 13601.

Sectorally, the action was seen in the BSE Realty index, Metal, IT, and telecom stocks. On the broader markets front – the S&P BSE Mid-cap index rose 2.4 percent, and the S&P BSE Small-cap index gained 2.6 percent.

Stocks like BirlaSoft which rallied over 12 percent, Mphasis (up over 10 percent) and Rossari Biotech ( up over 11 percent) were some of the stocks in focus on Wednesday. (share market investment)


BirlaSoft: Book Profit

After a consolidation phase of about three months, the stock gave a breakout and has seen an up move with volumes higher than its average. This indicates a renewed buying interest as the stock has resumed its uptrend.

However, the reciprocal retracement of the previous correction on a long-term chart indicates a resistance around Rs 274.

As the momentum readings are in the overbought zone and the stock is near to the mentioned resistance, it is advisable to book profits on existing longs and take some money off the table.


MphasiS: Hold  (share market investment) 

The stock is in an uptrend as it has been forming a ‘Higher Top Higher Bottom’ structure on short-term as well as long term charts.

After a time-wise correction, the stock seems to have resumed its uptrend and the price up move has also been witnessing good volumes.

The RSI oscillator on the weekly charts is showing positive momentum and hence, traders should continue to ride this uptrend.

On any declines, the breakout level around Rs 1460 would now act as a support and the stock could continue its rally towards Rs 1700


Rossari Biotech: Hold (share market investment)

The stock had seen a stellar listing and has given good returns to the investor who got allotment through IPO. In the last three months, the stock had consolidated in a range and has now seen a good up move in the last couple of sessions.

The stock has limited chart history, hence, it is not possible to look for target projections technically. But in stock with such momentum, keeping a trailing stop-loss method is the best strategy to ride the trend.

The immediate support is placed around Rs 860 and thus, traders with existing positions should hold the stock with a stop loss below the mentioned support.