Big Movers on D Street: What should investors do with HDFC Bank, ITC and Samvardhana Motherson?

Stocks that were in focus include names like HDFC Bank, which was down 3%, Samvardhana Motherson, which rose 6.1% and ITC Bank, whose shares rallied nearly 2% on Wednesday.

Here’s what Vikas Jain, Senior Research Analyst at Reliance Securities, recommends investors should do with these stocks when the market resumes trading today:

Samvardhana Motherson – Buy in declines
The stock has been in a strong uptrend over the past few months, forming higher bottoms and higher tops to scale a new 52-week high.

It is up 8% on back of acquisition news flow and near to the resistance of the 200-week average of 92 levels.

Any decline or retracement near to 82-85 levels would be a good entry point for a higher target of 105-110 levels over the next few months.

HDFC Bank – Buy
The stock scaled a new all-time high of 1757, surpassing its multi-year high of 1720 levels and witnessed a corrective retracement in after a 10% up move over the past 2 weeks.The key technical indicators are in favor of the bulls on the long-term as well as the short-term timeframe charts. The stock will explore uncharted territory after a wide range breakout which could take it towards Rs1,900-2000, zone.

In case of any decline, the stock may find support around Rs 1640-1660 levels being the band of averages.

ITC – Hold
Since March 2022, the stock has been in a strong up-trend and approached its life-time-high of 482.

The stock is holding its band of short and medium term averages and moving higher consistently scaling new all-time high m-o-m outperforming the overall markets.

One can continue to hold the stock for a higher target of 510-520 levels being the monthly pivot levels.

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