Stocks that were in focus include names like TCS, which fell 0.18%, Hindalco, which gained 0.25%, and Shipping Corp, whose shares Jumped 20% on Thursday.
Here’s what Riyank Arora, Technical Analyst at Mehta equities, recommends investors should do with these stocks when the market resumes trading today.
TCS
The stock is trading significantly above its anchor VWAP support mark of 3900.00 on its daily time frame charts. With the stock making higher highs and remaining well above its immediate support level, it appears poised to reach the 4030.00 and 4050.00 levels.
The RSI (14) around 51 indicates potential momentum in the upcoming sessions. We advise traders to maintain a strict stop loss at 3875.00, aiming for potential targets of 4030.00 and 4050.00.
Hindalco
The stock is trading near its all-time high resistance mark of 715.25 and experiencing some profit booking at higher levels.According to anchor VWAP, the latest support is near 675.00, with the next support around 660.00. A fresh rally in the stock can be expected only above the 715.00 mark. We advise traders to maintain a strict stop loss at 675.00 for potential targets of 705.00 and 715.00.
Shipping Corp
The stock hit a 20% upper circuit in Thursday’s session after crossing its recent swing high resistance mark of 290.75 and closing well above it.
Currently, we advise traders to maintain a trailing stop loss at 315.00 for all active buys on the stock, targeting 350.00 and 360.00 as this rally extends further.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)