Stocks that were in focus included names like SBI Life, which rose 2.68%, Karnataka Bank, which fell 7.8%, and Tata Elxsi, whose shares declined 5.01% 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.
SBI Life – Bullish
The stock has successfully retested its breakout level of 1393 on its weekly charts. The overall structure continues to remain bullish, with the view being negated below the 1360 mark. Upside looks likely towards the 1460 and 1490 marks.
Karnataka Bank – Bullish
The stock has touched its support mark of 237.30 on its daily charts. Currently, the stock is in an uptrend, but if the stock goes below the 230 mark, we can then see some potential weakness coming in. On the upside, the stock has its resistance near the 250 to 255 zone.
Tata Elxsi – Bearish
The stock has given a good breakdown below its recent support zones of 8033 on its daily charts. The overall long-term structure is bullish; however, we expect some negativity in the near term towards 7640 and 7350 levels. Around those levels, the stock would be an attractive buy for the long term, but currently, from a trader’s perspective, the view remains bearish.
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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)
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