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Sectorally, buying was seen in capital goods, utilities, power, FMCG, and realty stocks while some selling was seen in the public sector and consumer durable stocks.
Stocks that were in focus include names like
which was up more than 1%, which fell nearly a percent ahead of the results, and which was up more than 1% on Tuesday.
Here’s what Viral Chheda, Technical Analyst, SSJ Finance & Securities recommends investors should do with these stocks when the market resumes trading today:
HCL Technologies: Buy
In the weekly chart after making a low of around 375 in 2020, the stock has given a sharp upside rally to make an all-time high of 1368 in Oct 2021.
After making a double top around the 1360 odd level price has witnessed some selloff as it retraced almost 49% of the previous rally to make a low of 882 odd level.
At the lower level stock made a double bottom and gave some pullback to make a high around 1151 levels. In the last 4-6 week’s price moved in the consolidation phase taking support of multiple bottoms and facing the resistance of multiple tops in the last two weeks with high volume price has breached the pattern and closing above indicate further upside rally.The Stochastics Oscillator is moving in an upward trend along with an increase in volume indicating an upward movement with limited downside risk.
One can buy at the current level and more on dips of 1050 with a stop loss of 1000 on a weekly closing basis and on the upside, we can see the level of 1250-1350 in the next 8-10 months.
IndusInd Bank: Buy
From a low of 763 made in June 2022 on the daily chart, the stock has witnessed some bull run to make a 52-week high of 1276 odd level.
Volumes were quite high during this period. From Sept 2022 to till date price is moving in the range of 1120-1275. The stock has been moving in the consolidation phase for more than 3 months and once the range is broken we can see a sharp move of 200-250 points.
Currently, the stock is moving above the 50-DMA and 200-DMA which is a good signal for an upside move. The Stochastics Oscillator is also moving in an upward trend which indicates some bull run can be seen.
Hence, one can buy at the current level and more at dips of 1180 with a stop loss of 1110 on the weekly closing basis and on the upside, we can see the level of 1400-1500 in the next 8-10 months.
UltraTech Cement: Buy
On the long-term chart after making a low of around 2910 in March 2020, the stock has given an upside rally to make an all-time high of 8269 odd levels.
From highs, the price witnessed some selling pressure as it retraced almost 58% to make a low of 5161 in June 2022.
After taking support of 200 WMA at 5150, the price gave some pullback to make a high of around 7299. In the last 5-7 weeks, the price has moved in the range, forming Descending Triangle Pattern taking support of multiple bottoms around 6800 and facing the resistance of every lower top with high volume. The price breached the pattern and closed above that level, indicating a further upside rally.
The Stochastic Oscillator is moving in an upward trend along with an increase in volume indicating an upward movement with limited downside risk.
One can buy at the current level and more at dips of 7050 with a stop loss of 6740 on a weekly closing basis and upside we can see the level of 8200-8800 in the next 8-10 months.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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