Stocks that were in focus include names like Adani Green, which fell 7.75%, Nestle, which declined 2.5%, and Tech Mahindra, whose shares rose 0.44% on Thursday.
Here’s what Viral Chheda, Sr Technical Analyst at SSJ Finance & Securities, recommends investors should do with these stocks when the market resumes trading today.
Tech Mahindra
After making a low around 1150 in April 2024, price has given a sharp upside move to make the two years high of 1548. Price has given almost 35% returned from its lower level as buyers were having the upper hand over bears.
As the stock is trading at 2 years high we can see some profit booking from here. On the lower side it has the supports between 1450-1350. For long term stock looks good but we should wait for some dip to make a fresh entry.
The Stochastics Oscillator is moving in an overbought zone. Hence one can buy around 1500 and more at dips of 1450 with stop loss of 1350 on weekly closing basis and upside can be seen till 1900-2100 in the 8-10months.
Nestle
After making a low around 2300 in Mar 2024, price has witnessed some Bull Run to make the high of 2645. Price has given almost 15% returned from its lower level as bulls were having the upper hand over bears.
After facing resistance from the previous higher level around 2650 and making Double Top around there, price has given some correction to make a low around 2460. Currently stock is facing some selling pressure and more of downside can be seen.
Also stock is moving below all three major averages of 20 DMA, 50 DMA and 200 DMA indicating some more downside. Stock has a support around 2300 odd levels and one can buy around that level. For long term stock is good and can be bought at every dips. The Stochastics Oscillator is moving in the downward trend indicating some minor dips can be seen.
Hence one can wait for some dips and buy around 2400 and further more at dips of 2350 with stop loss of 2300 on weekly closing basis and upside can be seen till 2700-2900 in the 10-12 months.
Adani Green
After making low around 852 in Oct 2023, price has given a sharp upside move to make the two years high of 2030. Price has given almost 138% returned from its lower level as buyers were having the upper hand over bears. From high prices witnessed some profit booking to make the low of 1545 odd levels.
In the last 20-25 days price has moved in the range of 1680-1840 and in the current week with high volume price has breached the consolidation phase and closing above that level indicates further upside from here. The Stochastics Oscillator is moving in an upward trend indicating some upside from current level.
Hence one can buy at current level and more at dips of 1750 with stop loss of 1650 on weekly closing basis and upside can be seen till 2100-2350 in the 8-10 months.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)