Intraday Stocks In Focus : Your strategy for Mahindra & Mahindra, CreditAccess Grameen, BSE today

After a significant drop in the previous session, market experts anticipate a period of consolidation with potential support at the August low of 19,224. However, if this support is breached, the market may trend toward the psychological 19,000 mark in the near term. Any rebound, on the other hand, may face resistance around 19,500-19,600, and this rebound could be short-lived.

On October 23, the Nifty50 experienced a notable decline of 261 points or 1.3 percent, closing at 19,282. The market formed a long, bearish candlestick pattern on the daily charts after breaching not only the 19,480 level but also the 19,300 level in a single session.

The BSE Sensex also saw a substantial drop of 826 points or 1.3 percent, closing at 64,572. Furthermore, the Nifty Midcap 100 and Smallcap 100 indices underperformed the benchmarks, with declines of 2.7 percent and 3.6 percent, respectively.

Despite this overall market performance, some stocks demonstrated resilience and positive performance, including Mahindra & Mahindra, CreditAccess Grameen, and BSE. Mahindra & Mahindra gained 0.4 percent, closing at Rs 1,565 on the NSE. The stock formed a bullish candlestick pattern with an upper shadow on the daily charts and exhibited above-average volumes. CreditAccess Grameen formed a long bullish candlestick pattern with a long upper shadow on the daily scale, accompanied by strong volumes, indicating a positive trend. BSE reached a record closing high of Rs 1,707, with a 7.5 percent increase after a gap-up opening, forming a bullish candlestick pattern with a long upper shadow on the daily timeframe, along with robust volumes.

Market expert Ashish Kyal of Waves Strategy Advisors shared insights and recommendations for these stocks when trading resumes:

Mahindra & Mahindra: In the previous session, Mahindra and Mahindra demonstrated resilience in the market, closing higher despite the benchmark index declining by 1.40 percent. The stock is currently in a consolidation phase that began in July 2023. Prices closed just above the mid band of the Bollinger band. The Know Sure Thing (KST) momentum indicator is near the 0 line, indicating a lack of momentum. The stock has strong support at Rs 1,515, and overall, auto stocks are on an uptrend with limited downside. In the short term, Mahindra and Mahindra appears to be moving sideways, and a break above Rs 1,590 could target Rs 1,650, with Rs 1,515 as a crucial support level.

CreditAccess Grameen: CreditAccess Grameen is trading near an all-time high following healthy quarterly results. The stock is moving within an upward-sloping channel, and the KST indicator suggests good momentum and is on the rise. Prices previously bounced from the channel support, and investors are advised to use dips to ride the trend toward Rs 1,585 levels. As long as the price holds above the cloud, the trend remains positive, with a support level at Rs 1,450. The bullish momentum is expected to continue as long as this support level is maintained.

BSE: BSE is in an uptrend and has withstood the broader market correction. The stock is moving within an upward channel and is currently in the third wave of an impulse pattern. BSE is above the Ichimoku Cloud and has retested the base line before continuing its upward trajectory. The KST confirms momentum in the stock, and it is approaching new highs. The positive trend is expected to persist, with any dips seen as opportunities to accumulate the stock. BSE’s trend is favorable for a move to Rs 1,850, and breaking the channel resistance could lead to a move to Rs 2,000, with Rs 1,590 serving as near-term support.

This summary provides market insights and expert recommendations on Mahindra & Mahindra, CreditAccess Grameen, and BSE in the current market conditions.