Stocks that were in focus included names like Paytm, which fell 1.08%, Varun Beverages, which rose 6.62%, and Astral, whose shares declined 2.19% on Wednesday.
Here’s what Riyank Arora, Technical Analyst at Mehta Equities, recommends investors should do with these stocks when the market resumes trading today.
Paytm – Bearish
After experiencing a sharp decline of over 19% on December 7, 2023, Paytm shares are currently trading well below their support zone.
With the Anchor VWAP resistance positioned near the 640 mark, the overall trend continues to lean towards bearish, suggesting potential targets of 590 and 560.
Varun Beverages – Bullish
The stock opened with a gap up following the news of the company’s acquisition of South Africa’s BevCo for ₹1320 crore. With the current market price being around 1253.40, with immediate support near the 1178.00 mark. Any downward movement towards the 1150 to 1175 zone should present a favorable buying opportunity, with a suggested stop-loss slightly below the 1090 mark.
Astral – Bullish
The stock touched a crucial support level of 1862.55 in today’s trading session. With the overall trend remaining positive and the stock trading well above its 200-period SMA (Simple Moving Average), it seems poised for a strong rally towards 1950 and 2000, with a suggested stop loss around 1825.00.
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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)