Stocks that were in focus include names like Bajaj Auto, which fell 0.81%, Sobha, which jumped 15.8%, and Adani Ports, whose shares jumped 2.5% on Thursday.
Here’s what Avdhut Bagkar, Derivatives & Technical Analyst at StoxBox, recommends investors should do with these stocks when the market resumes trading today.
Bajaj Auto
The “Higher High, Higher Low” formation drives the stock price higher, with momentum remaining highly elevated. The immediate support falls at 6500, which must be defended on the closing basis. Following support at 6000 serves as a medium-term support, eyeing 7500 – 7700 as the next reach. The broader outlook stays optimistic; as corrective moves have perceived accumulation at respective supports.
Sobha
Shares of Sobha have broken out over the hurdle of 1125, indicating a favourable outlook for short-term. The price action is headed in the direction of 1350 – 1450 levels, as the stock continues to witness buying in the overbought territory of Relative Strength Index (RSI). Immediate support comes to 1050 level.
Adani Ports and Special Economic Zone
An aggressive move over 1100 has prompted the next upside in the shares of Adani Ports and Special Economic Zone. Consecutive closes over the same hurdle could spark next upside towards 1300. The support for the current bias exists at 1050 and 1000 levels.
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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)