Stocks that were in focus included names like HDFC AMC, which rose 3.52%, Britannia, which fell 2.23%, and Tata Consumer, whose shares jumped 2.15% on Friday.
Here’s what Pravesh Gour, Senior Technical Analyst at Swastika Investmart, recommends investors should do with these stocks when the market resumes trading today.
HDFC AMC
The counter is in a classical uptrend and a breakout of symmetrical triangle formation with strong volumes. The overall structure is very bullish as it trades above its all-important moving averages.
One can take a position at CMP Rs 2855 as it created a strong base around Rs 2650 at 9 and 20-DMA for a target of Rs 3140.
Infosys
It is continuously forming higher highs and higher lows. However, in the last trading session, it has been a gap-down opening but showed a strong buying from the lower levels. The structure of the counter is very lucrative for short- to long-term investors, as it is trading above its 200-DMA important moving averages.
The momentum indicator RSI (relative strength index) is also positively poised, whereas MACD (moving average convergence divergence) is supporting the current strength.Looking ahead, the resistance level at 1480 appears to be a pivotal point to monitor. A breach above this level could set the stage for a near-term target of Rs. 1520 or even higher. To manage risk effectively, consider implementing a stop-loss strategy at Rs. 1380 to safeguard your investment.
Tata Consumer
The stock has broken out of a symmetrical triangle pattern on the daily chart with a large trading volume. It’s looking promising since it’s currently trading above all its important moving averages.
The immediate resistance is at Rs 913, and if it surpasses this level, there’s potential for a significant upward movement to reach 960 or more in the short term. On the flip side, Rs 880 is the critical support level for any potential downward correction.
The RSI, a momentum indicator, is showing positive signs, while the MACD, which measures market trends, is also indicating support for the current strength of the stock.
(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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