Stocks that were in focus include names like Macrotech Developers, which gained 1.3%, Naukri, which declined 2.4%, and Titan, whose shares were down 2.6% on Monday.
Here’s what Ameya Ranadive CMT CFTe, Sr Technical Analyst at StoxBox, recommends investors should do with these stocks when the market resumes trading today.
Macrotech Developers
Macrotech Developers is currently trading at Rs 1,190, facing downward pressure as it struggles to hold its 20, 50, and 100-day exponential moving averages (EMAs). However, the stock is taking support at the 200-day EMA, a key indicator of long-term trend strength.The most critical support level lies between Rs 1,150 and Rs 1,090, and with the Relative Strength Index (RSI) bouncing from oversold territory at 38, this presents an appealing risk-reward scenario. If the stock sustains above the Rs 1,155 mark, a potential rebound could take it towards targets of Rs 1,415 to Rs 1,450.
Despite recent weakness, the stock remains in a position where any technical bounce could offer a good opportunity for short-term traders and investors. However, caution is warranted if LODHA breaks below the crucial support at Rs 1,150, it could signal further downside.
Investors are advised to watch the stock closely for signs of a reversal at these levels
Naukri
Naukri (Info Edge) is currently trading at Rs 7,960, continuing its robust performance despite market volatility. Over the past year, the stock has delivered over 140% returns from its 2023 lows, making it a standout performer.
Even as the broader market faces profit-booking pressure, Naukri has consistently hit new all-time highs, underscoring its strength. The stock is trading comfortably above its 20, 50, 100, and 200-day EMAs, which points to a healthy uptrend. The Relative Strength Index (RSI) is at a steady 55, and the Average Directional Index (ADX) reads 27, indicating that bullish momentum is intact.
Given its solid technical structure, Naukri is an ideal buy-on-dips candidate. Investors can expect further gains, with potential upside targets ranging from Rs 8,250 to Rs 8,500. For those seeking long-term growth, the stock’s resilience in challenging market conditions presents a compelling opportunity. Any pullbacks toward key support levels could be used as entry points for further accumulation.
Titan
Titan is currently trading at Rs 3,586, at a crucial support zone between Rs 3,550 and Rs 3,500, an area that previously acted as resistance. This support zone, along with the 100 and 200-day EMAs, suggests that the stock is at a key inflection point.
The Relative Strength Index (RSI) is at 39, indicating that the stock is nearing oversold territory, which could trigger a technical rebound. Given the stock’s ability to hold these critical support levels, Titan offers a favorable risk-reward opportunity for traders and investors.
A bounce from this support zone could propel the stock towards targets of Rs 3,900 to Rs 4,000, offering an upside potential of 9-12%. Titan has shown strength in maintaining long-term trend support, and this level could attract buying interest for those looking for a short-term gain. Investors are advised to watch for confirmation of the rebound before entering new positions, as a failure to hold support could lead to further downside.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)