Big Movers on D-St: What should investors do with Ion Exchange, Vodafone Idea and Emami?

The S&P BSE Sensex rose more than 100 points while Nifty50 closed above 17150 levels.

Sectorally, buying was seen in healthcare, utilities, FMCG and auto stocks while selling was visible in consumer durables, metal, realty and telecom stocks.

Stocks that were in focus include names like ION Exchange which hit a fresh 52-week high, Vodafone Idea which rose more than 3% and Emami which closed with gains of nearly 6% on Wednesday.

Here’s what Rameshver Dongre, Research Analyst – Equity Research at CapitalVia Global Research recommends investors should do with these stocks when the market resumes trading today:

Ion Exchange (India): Buy
Ion Exchange (India) manufactures and distributes water treatment equipment and products. The group’s products include water treatment chemicals, exchange resins, ultrafiltration, and nano-filtration membranes.

It formed Higher Highs and Higher Lows on the long-term chart and is trading close to 52-week highs. It is advised to keep a bullish outlook and to buy at the support level of 3200-3250 with a stop loss of 2990. On the higher side, 3600+ levels are possible.

Vodafone Idea: Avoid
The overall trend is bearish. From the support range of 6.10–6.25, a price recovery has been observed with significant trading volume, which is signalling the strong demand zone.

However, prices are still trading below the 21 and 50-Day EMAs, so new positions should be avoided.

On the higher side, the next resistance will be at the 7 level. If it crosses and sustains above it, then 7.85, then 8.75 levels can be expected.

Emami: Buy
The board meeting scheduled for March 24, 2023, will include a discussion of the proposal for the buyback of the company’s fully paid-up equity shares, which caused Emami to increase by 6.17%.

Buying this stock at the 362 level with a target price of 390 and a strict stop loss of 340 may be the best course of action.

(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of Economic Times)