Among the sectors, financial services, services, teck, capital goods, bankex, IT and industrials were the gainers, while commodities, energy, telecommunication, auto, consumer durables dragged.
Stocks that were in focus include names like Hikal, which gained 8.5%, M&M, which was up 4.08% and ONGC, whose shares fell nearly 5% on Tuesday.
Here’s what Viral Chheda, Sr Technical Analyst at SSJ Finance & Securities, recommends investors should do with these stocks when the market resumes trading today:
Hikal – Buy
In the weekly chart we can see after making a high of Rs 427 in Jan 2023, price has witnessed some bear run to make a low of Rs 260 levels.
At the lower level, the price moved in the range of Rs 260-310 levels. Bears cannot take the price below Rs 260 levels as the stock is taking support of 200 WMA around those levels. As the relatively high volume price breached the consolidation phase on the higher side this week and moved above the resistance level of Rs 310, we can see further upside.
Price is also moving above 20 WMA and 50 WMA of 309 and 317, respectively. As bulls are having an upper hand on price, we can see further upside in price till Rs 380-420 levels.
The Stochastics Oscillator is also moving in an upward trend along with an increase in volume, indicating an upward movement with limited downside risk.
Hence, one can buy at the current price and more at dips of Rs 300, keeping SL of Rs 280 on a weekly closing basis and the upside can be seen till Rs 380-420 in the next 6-8 months.
JSW Energy – Buy
On the daily chart, we can see from a high of Rs 369 in September 2022, the price has given a sharp correction to make a low of Rs 204.
During this downtrend, the price has seen a Lower Top Lower Bottom Pattern. Volumes were decreasing continuously as the price was making a low, indicating bears were losing control against bulls.
Once the bulls had control on price, we saw some pull back till Rs 282 levels and in the last 2 months, the price moved sideways making a symmetrical triangle pattern and once it breaches the pattern around Rs 270, we can see a sharp upside rally till Rs 350-410 odd levels.
The Stochastics Oscillator is also moving in an upward trend along with an increase in volume, indicating an upward movement with limited downside risk. Hence, one can buy above Rs 270 levels and more at dips of Rs 250, keeping SL of Rs 220 on a weekly closing basis. The upside can be seen till 350-410 in the next 6-8 months.
RVNL – Buy above Rs 123
After making all-time highs around Rs 140 levels and moving almost 100%-120% from its lows of Rs 60, we had earlier advised to book profits and wait for some dips to buy.
From the high of Rs 144, the price corrected by almost 25% as bears were in control. Currently, the stock is moving sideways with volumes decreasing and we can see a pullback from here.
Moving above the resistance of Rs 123, the door gets open for an upside level of Rs 150-180. On the lower side, Rs 110 is a support, below which, we can see a level of Rs 100.
The Stochastics Oscillator is also moving in an upward trend along with a marginal increase in volume, indicating an upward movement with limited downside risk. Hence, one can buy above Rs 123 levels and more at dips of Rs 110, keeping SL of Rs 100 on a weekly closing basis and the upside can be seen till Rs 160-180 in the next 6-8 months.
(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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