Sectorally, buying was seen in energy, FMCG, realty, oil & gas and capital goods while selling was seen in utilities, power, metals, and IT stocks.
Stocks that were in focus included names like
which fell more than 1 per cent, which closed with gains of over 2 per cent post results, and which ended with gains of nearly 2 per cent ahead of its results.
Here’s what Rahul Goud, Research Analyst – Equity Research, CapitalVia Research at recommends investors should do with these stocks when the market resumes trading today:
IDFC First Bank: Buy
IDFC First Bank’s stock since March 2021 has been trading in a downward channel, but it has just broken out of it.
Currently, it is trading at 52-week highs with a significant delivery volume, which demonstrates the participants’ confidence.
Bullishness in the stock is shown by the momentum indicator MACD. Investors may purchase the stock on any price correction at around Rs 54 with a stop loss of Rs 50 in the near future and a target objective of Rs 61.
Nestle India: Buy
The Indian division of the international Swiss firm Nestlé is called Nestlé India Limited. Food, drinks, chocolate, and confections are among the company’s product offerings.
Technically, the stock has demonstrated a bullish crossover of the 100 SMA over the 200 SMA, suggesting additional stock price growth.
We continue to notice an upward trend because the momentum indicator ADX is swinging to a level of 18.
In the near term, a trader might purchase the stock at the current market price of Rs 19,740 with a stop loss of Rs 19,000 and a target price of Rs 20,300.
ITC: Buy
ITC Limited is a multinational firm, operating in a variety of sectors, including FMCG, hotels, software, packaging, paperboards, specialty papers, and agro.
It exports its goods to 90 different nations. The corporation is anticipated to have a solid performance for the financial year’s quarter from July to September.
The top and bottomline of the corporation could increase by double digits though margins could be under pressure. Technically, the stock has broken out of Rs 322 on the monthly charts, and more gains are anticipated.
The uptrend is getting support from the reading of 51 on the momentum indicator ADX. For a target price of Rs 395 in the near future, a trader can purchase the stock at the current market price of Rs 347 with a stop loss of Rs 320.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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