Stocks that were in focus include names like Paytm, which rose nearly 3.65% and IndiGo, which gained marginally by 0.55% and Varun Beverages, whose shares fell nearly 1% on Thursday.
Here’s what Riyank arora, Technical Analyst at Mehta Equities, recommends investors should do with these stocks when the market resumes trading today.
Paytm
Paytm demonstrates a positive overall trend, with the stock trading above key resistance levels, indicating strength in its technical structure. Support is positioned at Rs 750, while resistance is at Rs 1000.A buy-on-dips approach is recommended, as the stock’s current trajectory suggests further upside potential. Investors can consider accumulating the stock during minor corrections for long-term gains.
IndiGo (InterGlobe Aviation)
IndiGo’s technical structure remains robust, with support at Rs 3900 and resistance at Rs 4500. The bullish momentum is expected to persist, potentially driving the stock towards Rs 4500 in the near term.
We recommend buying at the current market price (CMP) and adding on dips to capitalize on its upward trend. The overall outlook remains optimistic for further gains.
Varun Beverages
Varun Beverages is showing signs of weakness, with resistance near Rs 675 and support at Rs 550. The technical structure is currently negative, suggesting caution.
It is advisable to wait for the stock to approach lower levels before considering any long positions. Investors should monitor price action closely and look for stronger support zones before re-entering.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)