The market saw a resurgence on August 21, bouncing back from two consecutive days of decline. The Nifty index concluded the trading session with a notable gain of 0.40%. During the trading day, the Nifty found support around 19300-19250 levels, signifying a positive trajectory. Notably, the options data also points towards support at these levels, while resistance could manifest around 19400-19500 levels due to significant call writing.
Notable Market Rebound and Stellar Stock Performances Shape August 21’s Trading Landscape
In the stock realm, standout performances were observed from JBM Auto, Praj Industries, and Poly Medicure. JBM Auto marked an impressive record high at Rs 1,537, achieving an almost 11% surge. Praj Industries also scaled a record peak of Rs 499, boasting a 4.4% gain. Meanwhile, Poly Medicure showcased a bullish engulfing candlestick pattern, closing above the 20-day Exponential Moving Average (EMA) at Rs 1429, enjoying a 6.6% surge.
Expert insights from Ashish Kayal of Waves Strategy Advisors shed light on strategic moves for these stocks:
Poly Medicure: With potential for further momentum, the stock is advised for purchase during declines, targeting Rs 1550 in the short term, supported by a strong base at Rs 1295.
JBM Auto: Employing the Ichimoku Cloud strategy, dips to around Rs 1370 offer buying prospects, aiming for 1600-1650 levels, and backed by robust support at Rs 1280.
Praj Industries: Riding a bullish trend, the stock’s record high continues. Opportunities arise at declines near Rs 495, targeting Rs 530, with a sturdy support at Rs 470.
