Sectorally, buying was seen in auto, IT, consumer durables, and FMCG while selling was seen in metals, healthcare, and realty stocks.
Stocks that were in focus include names like
which rallied more than 3% post Q3 results, which gained more than 3% ahead of results on Wednesday, and which closed flat.
Here’s what Viral Chheda, Technical Analyst, SSJ Finance & Securities recommends investors should do with these stocks when the market resumes trading today:
: Buy
From a high of 9637 made in October 2022, the stock witnessed a sharp correction to make a low of 8076 odd levels.
The stock formed a lower Top Lower Bottom pattern during this period. From lows, the stock gave some pullback to make a high of around 8537.
In the last 8-10 days, the price is moving in the range of 8350-8550. A breakout from this range will give a sharp move of 400-500 points.
Currently, the stock is trading above the 20-DMA and 200-DMA which is a good sign for an upward movement. The Stochastics Oscillator is moving in an upward trend along with an increase in volume, indicating further upside with limited downside risk.
One can buy the stock at the current level and more on dips of 8250 with a stop loss of 8050 on a weekly closing basis and on the upside, we can see a level of 9000-9500 in the next 8-10 months.
Tata Motors: Buy
After making a high of around 537 odd levels in November 2021 on the weekly charts, the price saw some selloff to make a low of 366 odd levels.
The price witnessed a Lower Top Lower Bottom Pattern during this period. From lows, some pullback was seen as the stock made a high of 494 odd levels.
Since May 2022, the price is moving sideways making a Symmetrical Triangle Pattern and this week the stock price breached the range with high volumes which suggests more upside.
The Stochastics Oscillator is moving in an upward trend along with an increase in volume indicating further upside from here.
Price is moving above the 20-WMA which is a good sign for an up move. One can buy the stock at the current level and more on dips of 400 with a stop loss of 370 on a weekly closing basis. On the upside, we can see the level of 500-570 in the next 8-10 months.
Company: Avoid
After making an all-time high of 1176 in October 2022 on the daily charts, the price has witnessed a sharp drop as the stock made a low of 967 odd levels.
As the price is trading below the 20-DMA and 50-DMA, we can see more selling pressure. The Stochastics Oscillator is also moving in a downward trend, indicating more of a downward move.
Avoid buying at the current level and sell at a rise between 1010-1030 with a stop loss of 1050 on a weekly closing basis and on the downside, we can see the level of 940-900 in the next 2-3 months.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
