Stocks that were in focus include names like Angel One, which rose 13.19%, Hindustan Zinc, which jumped 3.73%, and Triveni, whose shares declined 2.42% on Tuesday.
Here’s what Kushal Gandhi, Technical Analyst, StoxBox, recommends investors should do with these stocks when the market resumes trading today.
Angel One
The price of Angel One retraced by 48% from its all-time high after experiencing a significant 285% upward movement from its March 2023 low.
This retracement brought the price back to the previous breakout zone of the bullish rounding bottom pattern and resulted in a strong technical pullback.
This indicates that previously dormant buyers are gradually gaining strength, which is a positive sign. Therefore, we recommend buying Angel One with a target price of 3500 and maintaining a stop loss at 2375.
Hindustan Zinc
The price movement of Hind Zinc indicates a distribution phase, as evidenced by significant selling pressure observed in recent trading sessions.
The current price structure is characterized by lower lows and is positioned below the 50-day and 100-day moving averages (MA).
Unless the stock surpasses these average lines on a closing basis, it is expected to continue to encounter selling pressure. We recommend abstaining from purchasing Hind Zinc at its present market price.
Triveni
The analysis of the daily timeframe pattern indicates that the price action is adhering to a rounding bottom pattern, with a strong bullish breakout supported by substantial trading volumes.
Furthermore, the stock’s Relative Strength Index (RSI) on the daily and higher time frames exceeds their medians, indicating a pronounced momentum in price.
Considering the robust demand from buyers and the stock’s improving price strength relative to the market, a favourable trading opportunity is presented, with a target price of 513 and a stop loss at 417.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)