Stocks that were in focus include names like Godrej Properties, which fell 5.98%, Angel One, which gained 4.46%, and ITC, whose shares fell 0.9% on Thursday.
Here’s what Ameya Ranadive, Sr Technical Analyst, StoxBox, recommends investors should do with these stocks when the market resumes trading today.
Godrej Properties
Currently quoting at Rs 3,064, Godrej Properties has witnessed a tactical bounce of 20% from its recent support levels. The stock is now approaching a crucial resistance at Rs 3,386, a level it struggled to break and hold in mid-July. A breakout above this resistance would be essential for any further upside movement.Technically, the stock is comfortably trading above its 50-, 100-, and 200-day exponential moving averages (EMAs), signaling strength in the medium and long term. However, it’s currently at a make-or-break zone with its 20-day EMA, which could dictate the near-term trend.
At present, Godrej Properties is in a no-trade zone, with a better buying opportunity emerging if it retraces to the support zone of Rs 2,850-2,950. This could provide a strong mean-reverting trade. On the downside, breaking below Rs 2,800 could indicate further weakness.
Angel One
Angel One, currently trading at Rs 2,715, has seen a significant 11% recovery from its recent intraday lows. This bounce comes after Indian brokerages, including Angel One, reacted to the market regulator’s new rules for derivatives trading, which turned out to be less stringent than initially feared. Angel One’s stock had plunged about 45% since the start of the year but experienced a good recovery after touching Rs 2,100, gaining 30% from its 52-week low.
Despite this rebound, the stock remains 40% below its 52-week high, signaling considerable upside potential. Currently, minor resistance is visible around the Rs 2,750-2,800 levels. If the stock manages to break and sustain above Rs 2,800, it could lead to a robust rally in the mid-term, targeting Rs 3,200-3,450.
From a technical standpoint, the RSI is showing strength, currently positioned at 64, which implies positive momentum. Moreover, the Bollinger Bands are expanding, typically signaling a continuation of the upward trend. Investors may want to watch for a break above Rs 2,800, as it could offer an attractive buying opportunity for a medium-term play.
ITC
ITC is currently trading at Rs 513, standing at a pivotal juncture as it nears a critical support zone between ₹500 and ₹505. While the stock has shown resilience, maintaining its strength above the 50-, 100-, and 200-day EMAs, it remains under pressure as it continues to trade below its 20-day EMA. This short-term technical weakness presents a challenge for ITC to regain momentum in the immediate term.
A decisive move above Rs 520 is crucial for ITC to resume its upward trajectory, which could pave the way for targets of Rs 545 and above. Despite being only 2% away from its all-time high, the stock’s near-term movement will largely depend on its ability to sustain above key resistance levels.
The FMCG sector, as represented by the Nifty FMCG index, remains one of the strongest performing sectors in the market, offering broader tailwinds for ITC. However, any sustained weakness below Rs 500 could trigger a bearish reversal, with the possibility of a deeper correction, making it a key level.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)