Stocks that were in focus included names like RIL, which fell 2.29%, Blue Star, which gained 13.10%, and HDFC Bank, whose shares declined 3.87% on Wednesday.
Here’s what Avdhut Bagkar, Derivatives & Technical Research at StoxBox, recommends investors should do with these stocks when the market resumes trading today.
Blue Star – Buy
Shares of Blue Star have thrived in surpassing the key hurdle range of Rs 820 – Rs 810 on Wednesday, eliciting next upside for coming sessions.
The bias remains vastly bullish, with price target objective Rs 1,100 aiming to enter the 4-digit club. Supports exist at Rs 810. Equally, the 50-simple moving average (SMA) at Rs 767, acts as the next bolstering level.
The breakout move is buoyed with aggressive volume, which is among the highest.
RIL – Neutral
With the break of Rs 2,399- level on Wednesday, its previous reversal mark, the Reliance Industries entered a “Bearish Lower Low, Lower High” pattern, suggesting a fragile trend.Going ahead, if the counter fails to exhibit a smart rebound, the price action may dwindle towards Rs 2,288, its 200-SMA. Immediate hurdle comes to Rs 2,477(50 SMA), which must be leaped over to reclaim the losing bias.
HDFC Bank – Neutral
The foremost breakout for the HDFC Bank exists over Rs 1,700-mark, as per the daily and weekly setup. At the moment, gliding underneath the 200-SMA set at Rs 1,614 has knocked the upward bias.
A breach of Rs 1,525 could let bears to seize control, dropping price towards Rs 1,400-mark.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)