Stocks that were in focus include names like Mazagon Dock, which fell 1.45%, Adani Green, which gained 0.74%, and Tata Motors, whose shares fell 1.3% on Tuesday.
Here’s what Riyank Arora, Technical Analyst at Mehta Equities, recommends investors should do with these stocks when the market resumes trading today.
Mazagon Dock
Mazagon Dock is trading near a key support level of ₹4100, with the next significant support at Rs 4000. The stock’s immediate resistance is seen at ₹4410, and if it breaks above this level, the next upside target is Rs 4800.The current positioning near the support zone presents a strong potential for a pullback, as the stock has shown resilience at these levels. A recovery from this zone could drive renewed buying interest, making it a favorable entry point for a bounce-back opportunity.
Adani Green
Adani Green’s immediate resistance stands at Rs 2000, with subsequent hurdles at Rs 2150 and Rs 2160. On the downside, the stock has immediate support at ₹1885, and if breached, the next support is at Rs 1780.The overall trend remains positive, supported by bullish momentum, especially if it clears the Rs 2000 resistance level. With a series of higher lows, the stock could continue its upward trajectory, offering further gains in the medium term if key resistance levels are surpassed.
Tata Motors
Tata Motors is currently holding support at ₹955, with immediate resistance at Rs 1006. A breakout above Rs 1006 could propel the stock towards the Rs 1045-1050 range, indicating further upside potential.
The overall trend remains positive, particularly as the stock is trading near a key support zone. The current technical setup suggests a bullish outlook, with potential for an upward rally if it sustains above the crucial resistance levels.
Investors may find buying opportunities at these levels given the strong support foundation.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)