Stocks that were in focus include names like Welspun Corp, which rose 2.81%, Vipul Organics, which gained 19.56%, and Welspun Corp, whose shares fell 2.8% 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.
Welspun Corp
The stock has successfully broken out above its recent swing high resistance level of 739.45 and closed above it. Currently retesting the breakout level, it presents a favorable risk-to-reward opportunity.At the current price of 739, the stock looks like a strong buy with a strict stop loss at 720. Potential targets are set at 825 and 850.
Vipul Organics
Vipul Organics has surged nearly 20% in Tuesday’s session, breaking through its trendline resistance at 295 and closing above it. The overall trend is positive, with a significant increase in volume.The stock is expected to climb further toward targets of 350 and 375, with a strict stop loss set at 280.
HDFC Bank
The stock is facing selling pressure at higher levels as profit booking kicks in, particularly as it approaches key support. The next significant support level lies between 1650 and 1660, around 4% below the current price.
We anticipate continued profit booking in the stock, reflecting the broader trend in the banking sector.