Stocks that were in focus include names like IRB Infra, which fell 3%, IGL, which was down 2.48%, and Dr Reddy’s, whose shares declined 2.8%.
Here’s what By Riyank Arora Technical Analyst at Mehta Equities, recommends investors should do with these stocks when the market resumes trading today.
IRB Infra
The stock has touched its anchor VWAP support mark of 66 on its daily charts. It is expected that the stock should hold well above its major support mark of 63.
So we advise holding on to IRB Infra with a strict stop-loss of 63 on a daily closing basis for potential upside targets of 73 and 79. With the RSI (14) on daily charts witnessing a minor uptick, it is expected that the stock should pick up good momentum in the upcoming few trading sessions.
IGL
The stock went up nearly 8% in Wednesday’s session but later faced profit booking at higher levels, ending close to 3% higher for the day.At present levels of 451, the stock has an immediate major support at the 425 mark, and an immediate resistance is placed near the 470 mark.
Overall, we expect the stock to remain sideways and face supply at higher levels and demand at lower levels, staying within the range of 425 – 470 for the week.
Dr Reddy’s
The stock is trading well above its major support mark of 5880.00 on the daily charts. With the base trend being positive and the stock making higher highs and higher lows, and the RSI (14) on daily charts being around 43, momentum looks low.
It is expected that the stock should hold well above its support mark. We advise a strict stop-loss at 5880 on a daily closing basis for Dr Reddy, for potential targets of 6200 and 6400.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)