Zomato, Dish TV, Biocon: Trading strategies for buzzing stocks of the day

The benchmark indices, S&P BSE Sensex and the Nifty50, were ruling over 1 per cent higher on Monday with individual shares seeing strong investor reaction. 

Shares of Zomato, for instance, fell around 9 per cent from its opening highs as the food delivery startup approved to acquire Blinkit Commerce for Rs 4,447 crore. READ MORE

Meanwhile, those of Dish TV India gained 6 per cent after the company's promoters and YES Bank likely moved their legal battle to the Supreme Court to appeal against the Bombay High Court order that led to loss of the top management positions in the company.

GHCL and BLS International Services, too, were up 3 per each. 

Against this backdrop, here's how these buzzing stocks look on charts:

Zomato Ltd (ZOMATO)

Outlook: Sideways trend

Shares of Zomato face stiff resistance at Rs 78, while the downside support stays at Rs 60. Only a decisive close on the weekly setup could see a short-term breakout. The current trend is sideways in the range of Rs 75 and Rs 64 levels. The Relative Strength Index (RSI) did move over the oversold territory, but price action is not showing much momentum, according to the weekly chart. CLICK HERE FOR THE CHART

Dish TV India Ltd (DISHTV)

Outlook: Turnaround likely above 200-WMA

The stock violated the support of 50-week moving average (WMA; Rs 16.20) and 100-WMA (Rs 14.10), suggesting weak sentiment. The turnaround may appear only when the stock manages to conquer Rs 19.20, which is its 200-WMA. This is the average which it failed to overcome post 2017. CLICK HERE FOR THE CHART

Biocon Ltd (BIOCON)

Outlook: Needs to cross 200-DMA to avoid bear territory.

Biocon's stock has a formation of "Inverse Head and Shoulder" pattern with a breakdown signal, shows the weekly chart. In addition, the current price is trading under 200-WMA, placed at Rs 343.60 mark. Thus, if the counter fails to cross this critical hurdle, the counter may fall into bear grip and decline to Rs 280. CLICK HERE FOR THE CHART

GHCL Limited (GHCL)

Outlook: Support is at 100-DMA

The 100-DMA support of Rs 538 remains the crucial mark for the GHCL trend. As long as the counter manages to hold this mark, the momentum could see the stock rallying towards Rs 600, which is its 50-DMA. The broad outlook looks promising as the counter trades above 200-DMA with volumes remaining sluggish in current weakness. CLICK HERE FOR THE CHART

BLS International Services Ltd (BLS)

Likely target: Rs 245 (above the all-time high)

Upside potential: 10%

BLS International Services has formed a "Higher High, Higher Low" pattern and seems to resume the upward trend, if the stock manages to hold Rs 183.30-mark, its 50-DMA level. The next breakout above Rs 218.65, which is the recent peak, as well as the all-time high, may see target of Rs 245, shows the daily chart. CLICK HERE FOR THE CHART