Trade Spotlight | How to deal in HDFC Bank, Balkrishna Industries, HEG today

About this update from Balkrishna Industries Limited

The market turned into consolidation mode after a sharp downtrend in the previous session, and is expected to remain volatile in the coming sessions, too, especially as long as it trades below the key resistance 22,500 area, experts said, adding the 22,200 is expected to be immediate support for the Nifty 50, followed by key support area of 22,000. Overall, the trend remains in favour of bulls as long as the index maintains higher highs, higher lows formation on the daily charts.On March 12, the benchmark indices remained volatile and closed moderately higher. The Nifty 50 rose 3 points to 22,336 and formed a Doji candlestick pattern on the daily charts, indicating the tug-of-war between bulls and bears about future market trends.The BSE Sensex was up 165 points at 73,668, while the broader markets showed weak performance as the Nifty Midcap 100 and Smallcap 100 indices were down 1.4 percent and 2 percent respectively on weak breadth.Stocks that recorded healthy performance despite volatility in the benchmarks and correction in broader markets included HDFC Bank, Balkrishna Industries, and HEG. HDFC Bank has seen a decisive breakout of a downward sloping resistance trendline adjoining highs of January 16 and March 7 and climbed above 10-day and 21-day EMAs (exponential moving averages). The stock rose 2.2 percent to Rs 1,459.55 and formed a bullish candlestick pattern on the daily charts with above-average volumes.Balkrishna Industries, too, has seen a decisive breakout of the falling resistance trendline adjoining highs of January 25 and March 5 and jumped above 10-day and 21-day EMAs. The stock rose 4 percent to Rs 2,344 and from a strong bullish candlestick pattern on the daily timeframe with significantly higher volumes.HEG also saw a strong breakout of downward sloping resistance trendline adjoining highs of February 23 and March 7 and got back above all key moving averages. The stock rallied 8 percent to Rs 1,809 and formed a robust bullish candlestick pattern on the daily charts with strong volumes.Here's what Riyank Arora of Mehta Equities recommends investors should do with these stocks when the market resumes trading today:HDFC BankThe stock has given a good breakout above its important moving averages and signalling good signs of momentum and strength. As per price action, the stock has given a good breakout above its recent resistance mark of ...

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