Stocks that were in focus included names like Zomato, which fell 3.03%, Hudco, which jumped 12.19%, and Canara Bank, whose shares gained 1.7% 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.
Zomato – Bullish
The stock is pulling back and re-testing its anchor VWAP support zone of 119-121. With the overall trend being positive and the stock making new highs in every fresh rally, it is looking like a good risk-to-reward opportunity at current levels, with a stop loss of 119 on a daily closing basis for potential targets of 135 and above.
Hudco – Bullish
The stock has given a strong breakout on its monthly charts, and with the price trading above its all-time highs, the overall trend looks to be extremely positive. Any pullback towards the 120-125 zone should offer a good buying opportunity for potential targets of 150 and above in the near term.
Canara Bank – Bullish
The stock is moving in an uptrend, consistently making higher highs and higher lows. With the anchor VWAP being placed around 430 to 435 zones, any pullback should offer a good buying opportunity for potential targets of 455 and above, with a stop loss being placed below the 425 mark.
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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)