The S&P BSE Sensex plunged over 4000 points while the Nifty50 closed below 22,000 to record its biggest single-session fall in over 4 years.
The Nifty Midcap and Nifty Smallcap indices marked their biggest-ever fall in absolute terms while Nifty Bank was down nearly 8%.
Sectorally, some buying was seen in FMCG space while selling was visible in public sector, infrastructure and CPSE indices, which were down by over 15% each.
Stocks that were in focus on Tuesday include names like Tata Technologies which was down over 2% to hit a fresh 52-week low, Blue Star and Suzlon pared gains after hitting fresh 52-week highs on Tuesday.We have collated a list of three stocks that either hit a fresh 52-week high, or an all-time high or saw a volume or a price breakout.We spoke to an analyst on how one should look at these stocks the next trading day entirely from an educational point of view. Here’s what analyst Pravesh Gour, Senior Technical Analyst at Swastika Investmart Ltd, had to say:
Tata Technologies
The counter is in a downward trend, and it is continuously forming lower-lows and lower-highs formation on the daily chart. The overall structure is distorted as it trades below its all-important moving averages.
On the upside, 1,150 is an immediate susceptible area. Above this, we can expect a run-up towards 1,200+ levels in the near term while Rs 950 is psychological level or it may act as an immediate demand zone in the shorter timeframe.
Target– Please avoid at current level. Fresh buys initiate only above Rs 1,150
Stop Loss – 950
Blue Star
The counter has a strong bullish setup, where it is forming a rising channel formation on the daily timeframe. This pattern is characterised by a series of higher highs and higher lows, indicating increasing buying pressure.
It has retested its previous breakout level of Rs 1,480. The high volume during the breakout further reinforces the significance of this move. The overall structure of the counter is very lucrative, as it is trading above all its important moving averages.
The momentum indicator RSI (relative strength index) is also positively poised, whereas MACD (moving average convergence divergence) is supporting the current strength.
On the upside, 1,700 is a susceptible area; above this, we can expect a run-up towards 1,900 levels in the near term. On the downside, Rs 1,350 is major support for any correction.
Target – 1900+
Stop Loss – 1350
Suzlon
The counter has witnessed a breakout of Triangle formation on the daily chart. After a breakout of the Inverse Head & Shoulder, it has retested its previous breakout level at around Rs 42.
The overall structure of the counter looks very lucrative on the chart. But from the higher levels, it showed some profit booking. Moving averages & momentum indicators are also supporting the trend.
On the upside, 52 is an immediate resistance area; above this, we can expect a run-up towards 56 levels in the near term.
On the downside, a cluster of moving averages forming the base at around the Rs. 42 level acts as major support.
Target – 56
Stop Loss – 42
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)