Stocks that were in focus included names like Zomato, which rose 3.43%, Aster DM Healthcare, which jumped 18.14%, and Siemens, whose shares increased 1.03% 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.
Zomato – Bullish
The stock has retested the breakout zone between 113 and 115, forming a bullish pin bar at its support.
With the overall structure looking positive and the stock consistently following a pattern of higher highs and higher lows, it appears poised to reach a target of 126 and 130, with a stop loss set at 110.
Aster DM Healthcare – Bullish
The stock has experienced a strong breakout above its significant resistance level at 371. Additionally, it has broken out above the upper band of its parallel channel, accompanied by a sharp spike in volumes.The overall momentum appears highly favorable for an upward move towards 450 and 475, with a suggested stop loss just below 350.
Siemens – Bearish
The stock has touched a critical resistance level of 3675 in today’s trading session. Given that the immediate support is around 3475, the risk-reward ratio appears to favor a short position in Siemens.
Setting a tight stop loss at approximately 3700, potential targets could be around 3500 and 3475, indicating a bearish outlook for the stock.
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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)