Stocks that were in focus include names like HDFC AMC, which gained 1.7%, HCL Tech, which jumped 1.2%, and Sterling and Wilson, whose shares rose 5% on Tuesday.
Here’s what Viral Chheda, Sr Technical Analyst at SSJ Finance & Securities, recommends investors should do with these stocks when the market resumes trading today.
HDFC AMC
After making double bottom around 1500 in Mar 2023, price has given a sharp upside move to make an all time high of 4546. Price has given almost 203% returned from its lower level as buyers were having the upper hand over bears.In the last 25-30 days price has moved in range of 4100-4550 and in the current week with high volume price has breached the Consolidation Phase and moving above that level we can see further upside from here. For the long term stock looks good and can be bought at every dip.
The Stochastics Oscillator is moving in an upward trend along with an increase in volume indicating further upside with limited downside risk. Hence one can buy at current level and more at dips of 4300 with stop loss of 4050 on weekly closing basis and upside can be seen till 5200-5800 in the coming 10-12 months.
JSW Infra
In the daily chart after opening around 141 on listing day in Oct 2023, price has witnessed a Bull Run to make an all time high of 360. Price has given almost 155% returned from its lower level as Bulls were having full control over the price.
After making high around 360, price is currently moving in the range of 300-360, making multiple lows around 300 and has made double top around 360 odd levels. Breakout on either side will give a further 30-40% move. For the long term stock looks good and can be bought at every level. In the current week price has given some pull back and moving above 333 odd level will make a chance of breaching its higher level and can make new highs.
The Stochastics Oscillator is moving in an upward trend along with an increase in the volume indicating further upside movement with limited downside risk. Hence one can buy at current level and more at dips of 308 with stop loss of 290 on weekly closing basis and upside can be seen till 360-400 in the next 10-12 months.
Sterling & Wilson
After making an all time high around 828 in May 2024, price has witnessed a bear run to make the low of 504 odd levels. Price has given almost 40% downside move from its higher level of 828 odd levels. Price has given some pull back after taking support from the previous lower level of 485 odd levels.
On the higher side price can face some resistance around 630 levels, moving and closing about that level can give further upside till 800 odd levels. While on lower side stock has a strong support around 480 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 with limited downside risk. Hence one can buy at current level and more at dips of 530 with stop loss of 480 on weekly closing basis and upside can be seen till 750-800 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)