Stocks that were in focus include names like Axis Bank, which fell 1.25%, Sonata Software, which was down 4%, and PI Industries, whose shares declined 1.7% on Wednesday.
Here’s what Riyank Arora, Technical Analyst at Mehta equities, recommends investors should do with these stocks when the market resumes trading today.
Axis Bank – Bullish
The stock is trading well above its important support level of 1100. With the stock rising almost 10% in the last one month, this level of 1100 should act as the most crucial support level for Axis Bank. Upside can extend further towards 1180 and 1200 if we continue to hold above the 1100 mark.
Sonata Software – Bullish
After rising over 10% in last month, Sonata Software is pulling back and re-testing important demand zones. With the stock trading well above its important moving averages the level of 700 continues to remain as the most important level for Sonata Software. Any break below 700 will be a negative sign for Sonata. Overhead resistance lies near 775 and 800.
PI Industries – Bullish
In the last two trading sessions PI Industries saw a fall of over 12%. Looking at the overall chart structure, the stock is now approaching a crucial support zone of 3250 – 3300. Any dips should be focused as a buy on dip strategy for the counter with a strict stop loss of 3150 ; for potential upside towards 3650 and 3700.
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