Stocks that were in focus include names like Dr Reddy’s, which fell 0.79%, Suzlon Energy, which rose 5%, and United Spirits, whose shares declined 4.76% 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.
Dr Reddy’s
The stock is currently trading at Rs 6820.15, with resistance at Rs 7000 and support around Rs 6500 and Rs 6400. We anticipate some selling pressure. The RSI (14) is at 67.10. It is advisable to book profits. With the stock nearing its strong resistance zone, there is a possibility of increased selling pressure.
Suzlon Energy
The stock is currently trading at Rs 60.72, with resistance near Rs 75 and support around Rs 54. We expect strong momentum and a continued positive uptrend.The RSI (14) at 76 indicates strong momentum. The strong breakout with consecutive upper circuits signals strong buying in the counter. We advise traders and investors to hold.United Spirits
The stock is currently trading at Rs 1395.35, with a successful breakout above Rs 1335. Traders should maintain a stop-loss around Rs 1325, targeting Rs 1425 and Rs 1450. The RSI (14) at 76 indicates strong momentum. We advise holding on to United Spirits as the strong breakout indicates strength in the counter.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)