Consumer Durables News

hdfc bank share price: Big Movers on D-St: What should investors do with Wipro, HDFC Bank and Avenue Supermarts?

Indian markets snapped a three-day losing streak to close in the green on Friday. The S&P BSE Sensex rose more than 300 points while Nifty50 closed above 17,900 levels.

Sectorally, buying was seen in metals, power, utilities, and public sector while some selling was visible in consumer durables, healthcare and capital goods stocks.

Stocks that were in focus include names like

that closed flat with a negative bias ahead of results, also ended flat, and fell more than 1% ahead of result on Saturday.

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

Wipro: Rs 430 will be an immediate hurdle
The Nifty IT index is bottoming out after a meaningful correction, which started in January 2022. Wipro is looking lucrative on technical fronts. It is bouncing back from a 61.8% retracement of the previous rally.

It is trading within its all-important moving averages. On the higher time frame, there is a long consolidation and is trying to bottom the structure, which suggests much more upside potential in this counter.

The momentum indicator RSI is trading above the 50 mark with a positive bias, whereas MACD is witnessing a centerline crossover.

On the upside, Rs 430 will be an immediate hurdle, but Rs 440 looks like an imminent target in the near term. On the downside, Rs 370 is a strong support level.

HDFC Bank: Long-term investors can buy
The counter is in a long consolidation range after breaking out from an inverse head and shoulders pattern at around Rs 1550, retesting its breakout level on Jan 23, and beginning a new leg of rallying towards Rs 1700 levels.

The counter’s overall structure is favourable for long-term investors because it is trading above all of its significant moving averages (50,100, and 200 SMA), and momentum indicator RSI (relative strength index) is also positive.

On the upside, Rs 1620 is a susceptible area; above this, we can expect a run-up towards Rs 1670+ levels in the near term. On the downside, Rs 1550 is major support during any correction.

Avenue Supermarts (D-Mart): Target Rs 4,200
The counter is forming the right shoulder of head & shoulder pattern formation on the daily chart; it is also taking support from the lower trend line at around Rs 3800.

For the last few months, the counter’s structure has been skewed. It is trading below all important moving averages.

Investors can take positions at the current level of Rs 3866 with a target of Rs 4200 and stop loss at around Rs 3600.

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

Source link