Big Movers on D Street: What should investors do with Ultratech Cement, Mazagon and Persistent Systems?

Among the sectors, banking, auto, financials were the gainers, while FMCG, IT and pharma stocks emerged as laggards.

Stocks that were in focus include names like Ultratech Cement, which gained 3%, Mazagon Dock Shipbuilders, which was up 3.34% and Persistent Systems, whose shares fell 4.31% on Tuesday.

Here’s what Pravesh Gour, Senior Technical Analyst at Swastika Investmart, recommends investors should do with these stocks when the market resumes trading today:

Ultratech Cement — Buy
The counter is in a strong uptrend where it is breaking out of a triangle formation; a breakout is confirmed above Rs 8000.

The structure of the counter is very impressive, as it is trading above all its important moving averages. Rs 8200 is the first level of resistance.

If the price manages to break above the resistance level with conviction, then there is potential for further upside. On the downside, if there is a correction, the major support level is identified at Rs 7950.Mazagon Dock Shipbuilders — Buy
The stock has given a bullish inverse head and shoulder formation breakout with a surge in volumes. The overall structure is looking lucrative as it trades above its all-important moving averages.

The stock is facing resistance at the Rs 1100 level, above which, we are expecting a long run-up towards the Rs 1160 level.

On the downside, Rs 940 is major support at any correction, while Rs 900 is the next critical support level. Momentum indicators are positively poised to support the current strength.

Persistent Systems — Buy
The counter has experienced a breakout of a bullish inverse head and shoulder pattern on the daily chart. It retested its previous breakout level of Rs 4,900.

On the upside, Rs 5,100 is an immediate resistance area and above this, we can expect a run-up towards Rs 5,300 levels in the near term. On the downside, Rs 4,800 is major support for any correction.

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