Trade Spotlight | Your strategy to deal in Nalco, IFB Industries, Rain Industries today

About this update from Ifb Industries Ltd

Technically, the benchmark Nifty 50 is expected to be volatile in the coming days, especially after the correction in last couple of weeks. But, on the overall, the sentiments are still in favour of bears, given the formation of lower highs, lower lows on the weekly scale.Hence, the immediate support is placed at 21,137, the low of last week, followed by 21,000, the crucial support zone, while the 21,500 is likely to act as a hurdle on the higher side in the near term, experts said.On January 25, the expiry day for January futures and options contracts, the Nifty 50 was down 101 points to 21,353, and the BSE Sensex declined 360 points to 70,701, while the Nifty Midcap 100 index fell half a percent and Smallcap 100 index gained half a percent.Stocks that outperformed the broader markets and were among the smart gainers in the Nifty 500 index included National Aluminium Company (Nalco), IFB Industries, and Rain Industries. Nalco climbed 4 percent to end at record closing high of Rs 141 and formed bullish candlestick pattern on the daily charts, with strong volumes. The stock traded well above all key moving averages (20, 50, 100 and 200-day EMA - exponential moving average), which is a positive sign.IFB Industries extended uptrend for third straight session and recorded strong gains in the past couple of sessions, forming robust bullish candlestick pattern with significantly higher volumes on both days. Further, the stock jumped 10 percent to Rs 1,241, the highest closing level since November 26, 2021, and traded way above all key moving averages now.Rain Industries gained solid strength after surpassing 200-day EMA decisively. On last Thursday, the stock rose 4 percent to Rs 175.6 and formed long bullish candlestick pattern on the daily timeframe, with healthy volumes. The stock has seen a breakout of downward sloping resistance trendline and traded above all key moving averages now.Here's what Rajesh Palviya of Axis Securities recommends investors should do with these stocks when the market resumes trading today:NALCOOn the weekly chart, the stock has confirmed "rounding bottom" formation at Rs 135 levels on a closing basis. This breakout is accompanied with huge volumes indicating increased participation.Recently the stock has recaptured 20-day SMA (simple moving average) and rebounded sharply. The daily "Bollinger band" buy signal indicates increased mo...

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