Stocks that were in focus include names like ONGC, which rose 7.45%, PFC, which jumped 4.30%, and Tata Power, whose shares declined 1.31% on Wednesday.
Here’s what Riyank Arora, Technical Analyst at Mehta Equities, recommends investors should do with these stocks when the market resumes trading today.
ONGC
The stock currently trades at 329, showing positive momentum with support at 320 and resistance at 345. The overall trend is positive, with potential upside to 345-350 levels.
It is advisable to hold with a strict stop loss (SL), as recent trading volumes were nearly 2.5 times the average of the past 30 days. The 14-day Relative Strength Index (RSI) stands at 58, indicating moderate strength.
PFC
Trading at 492, PFC has support at 470 and resistance at 525, with a sideways trend. The stock is expected to reach 520-525 levels, and holding with a strict SL is recommended.The recent volumes were 1.5 times the average of the last 30 days. The 14-day RSI is at 40, reflecting a relatively neutral momentum.
Tata Power
Currently priced at 430, Tata Power shows a positive trend with support at 414 and resistance at 455. Following strong results, the stock is anticipated to move towards the 450-455 range.
Holding with a strict SL is advised, with recent volumes at 1.5 times the average of the past 30 days. The 14-day RSI is 46, indicating stable momentum.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)