Stocks that were in focus include names like Adani Ports, which rose 5.9% and Nalco, which fell 1.3% and NTPC, whose shares jumped 3.12% on Wednesday.
Here’s what Riyank Arora, Tech Analyst at Mehta Equities, recommends investors should do with these stocks when the market resumes trading today.
Adani Ports
After making Double Top around an all time high level of 1614, price has witnessed a bear run to make the low of 996 odd levels. Price has given almost 39% corrections from its higher level of 1614 odd levels. At the lower level price has taken the support of previous higher level around 990 and gave some pullback to trade around 1200 odd levels.When Resistance becomes Support it is known as Change of Polarity method and the same has been made in this chart. On Upside price has minor resistance around 1280-1300, once these levels are taken out we can see a sharp upside move till 1400-1500. On the lower side 990 will play as a crucial support level and moving below that level can face further correction till 900-820 odd levels. For long term stock looks good and can be bought at every dips.
The Stochastics Oscillator is moving in an upward trend along with an increase in volume indicating further upside movement with limited downside risk. Hence one can buy at current level and more at dips of 1080 with stop loss of 990 on weekly closing basis and upside can be seen till 1500-1700 in the coming 10-12 months.
Nalco
In the daily chart after consolidating in the range of 160-200, price has given a sharp upside move to make an all time high around 263 odd levels. Price has given almost 64% returned from its lower level as Bulls were having full control over the price. During this uptrend stock is making a Higher Top Higher Bottom Pattern.
From highs price has given some correction and before moving upwards to make new high stock can take the support around 230 and can rebound to make new levels. The Stochastics Oscillator is moving in the downward trend along with the decrease in the volume indicating bottom can be made any time.
Hence one can buy at current level and more at dips of 230 with stop loss of 215 on weekly closing basis and upside can be seen till 290-320 in the next 10-12 months.
NTPC
After making an all time high around 446 in Oct 2024, price has witnessed a bear run to make the low of 355 odd levels. Price has given almost 20% downside move from its higher level of 446 odd levels. Price is currently trading in its support zone of 350-380 and moving below this level can witness further correction till 310.
For upside, price should cross 380 odd levels, above this level we can see further upside till 410-440. Price is currently moving in the range and once it breached the higher side of the range we can witness further upside move. The Stochastics Oscillator is moving in an upward trend along with an increase in volume indicating further upside movement with limited downside risk.
Hence one can buy current level and more at dips of 350 with stop loss of 340 on weekly closing basis and upside can be seen till 415-450 in the coming 10-12 months.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)