Stocks that were in focus include names like TCS, which was lower by 0.36%, Delta Corp, which tanked 23% and Sun Pharma, whose shares rose nearly 0.53% on Wednesday.
Here’s what Riches Vanara, Technical And Derivatives Analyst, Stoxbox, recommends investors should do with these stocks when the market resumes trading today:
TCS – Buy
The IT major has been trading in a symmetrical triangle pattern since Jan-2022 and at the current level the stock is trading very near to the breakout zone of the said pattern.
The momentum indicator MACD is also showing positive signs.
The volume during green days is higher than the red days, which also confirms the upper hand of the bulls. We recommend buying the stock at current levels for 3350 and 3450 with immediate support around 3230 and 3195.
Delta Corp – Avoid
We saw a heavy selloff at the counter following the news of revised GST on the gaming industry.Though the stock has respected the trendline support coming from the Jun-22 lows, we feel it will be more volatile in the coming days with some zig-zag moves. Hence, we will recommend investors to stay away from this counter.
Sun Pharma – Buy
The stock has broken out beautifully from the ascending triangle pattern on weekly charts. The price action shows that the stock is ready to roar higher.
Derivative data of current expiry is also bullish and the momentum indicator MACD is also trading in the bull zone with positive bias.
All this data calls for targets of 1110 and 1150 with immediate support at 1060 level.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)