Here’s what Kushal Gandhi, Technical Analyst at StoxBox, recommends investors should do with these stocks when the market resumes trading today.
Adani Wilmar
Following a 67% correction from its all-time high, the price action of Adani Wilmar has entered a phase of brief consolidation. Despite being consistently capped by the 50-week moving average, it has demonstrated resilience to drawdowns.Analyzing the pattern on the weekly timeframe reveals that the price action has been trading in a mini coil pattern near the support, presenting an opportunity with low risk and high potential reward.Our recommendation is to initiate a purchase of AWL, with a target price of 410 and a protective stop set at 315.DLF
The price action of DLF indicates that its intermediate trend is currently trading with a negative slope, signifying profit booking subsequent to a substantial rise of 187% from the March 2023 lows.
Today’s price action suggests that dormant buyers are beginning to show signs of activity. The stock exhibits an improving EPS strength and is currently supported by the 50-day moving average.
Consequently, it appears to be an opportune time to consider purchasing the stock with a target price of 968 and a stop loss set at 830.
RITES
The price performance of RITES has been exhibiting a sideways trend, with a range spanning 32% from its historical peak levels. Concurrently, notable volatility has been observed within this range.
The stock is notably deficient in both EPS and price strength, while buyer demand is currently lacking. Consequently, it is advisable to refrain from acquiring RITES at the present market value and to await further bullish confirmation.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)