Stocks that were in focus include names like Indian Hotels, which gained 0.79%, JSW Steel, which rose 0.61%, and BPCL, whose shares declined 0.73% on Tuesday.
Here’s what Kushal Gandhi, Technical Analyst at StoxBox, recommends investors should do with these stocks when the market resumes trading today.
Indian Hotels
Indian Hotels has been experiencing wide sideways trading after a 67% increase from its October 2023 lows. The price initially reversed after surpassing the pivot near 620 levels and has since made an effort to regain the resistance with strong volumes.
This development is seen as a positive sign, leading us to recommend buying Indian Hotels with a target price of 715 and a stop loss at 573.
JSW Steel
JSW Steel’s price action is currently experiencing a correction as a result of profit booking. The stock has breached the 50-day moving average on higher volume, signaling a bearish bias.The average line now serves as immediate resistance, so we suggest avoiding buying the stock at the current market price.
BPCL
The price action of BPCL has recently entered a brief period of consolidation within a 20% range, following a significant rise of over 100% from the October 2023 lows.
This suggests that committed investors are maintaining bullish strength, limiting substantial declines. The stock has shown improving relative strength and increasing buyer demand, which is a positive signal.
Additionally, the current market price offers a low-risk, high-reward opportunity for purchase. We recommend buying BPCL with a target price of 345 and a protective stop at 290.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)