Stocks that were in focus included names like TCS, which rose 0.4%, ZEE, which fell 8%, and EaseMyTrip, whose shares climbed 5.4% on Tuesday.
Here’s what Viral Chheda, Sr Technical Analyst at SSJ Finance & Securities, recommends investors should do with these stocks when the market resumes trading today.
TCS – Buy
After consolidating in the range of 3300-3400 levels in the month of Oct 2023, price has given a sharp upside rally to make an all time high of 3929 odd levels. Higher Top Higher Bottom pattern can be seen as bulls were having upper hand on price.
From higher level price witnessed some profit booking as it retraced almost 45% of previous rally to make low of 3651 levels.
Currently, the stock is moving sideways and moving above its 20 DMA of 3760 odd level can give a sharp up move to make new highs. Stock looks good for the long term and one can buy at every dip. The Stochastics Oscillator is also moving in an upward trend along with marginal increase in volume indicating further upside from here.
Hence one can buy at current levels and more at dips of 3550 with SL of 3350 on weekly closing basis and upside can be seen till 4200-4600 in next 10-12 months.ZEE Ent – Buy
In the daily chart after making the low around 180 in June 2023, price has witnessed a Bull Run to make the 291 in Aug 2023. Price has given almost 60% returns from its lower level as buyers were having full control on price.
In the last six months price is moving in the range of 235-300 and in this week also price tested the lower level before giving some pull back to close above 250 odd levels. Price is currently moving in a wide range, unless it doesn’t go above 300 we cannot see upside move. On lower side 235 hold as a crucial support, once it breached this level downside can be seen till 180 mark.
For long term stock looks good and one can buy some quantity at current level. Price is moving above its 200 DMA which is a good sign for further upside.
Hence one can buy at current levels and more at dips of 240 with SL of 225 on weekly closing basis and upside can be seen till 300-350 in next 10-12 months.
Ease My Trip – Buy
In the weekly chart after making an all time high of 73 in Nov 2022, price has witnessed a sharp correction to make an all time low of 37 odd levels.
Stock has given almost 36 points correction as sellers were having upper hand over price. In the last 3 months price is moving in range of 37-46 and in the current week with relatively high volume price has breached the Consolidation Phase and closing around that level indicates further upside from here.
The Price is moving above 20 DMA and 50 DMA of 41 and 43 respectively. The Stochastics Oscillator is moving in an upward trend along with an increase in volume indicating further upside from here. Hence one can buy at current levels and more at dips of 40 with SL of 35 on weekly closing basis and upside can be seen till 60-75 in next 10-12 months.
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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)