Indian market took a breather on Wednesday as investors booked profits after a recent rally. The Nifty50 closed in the red after 7 trading sessions of gains while the S&P BSE Sensex fell more than 200 points.
On the BSE, IT and metal indices fell 1 percent each, while the realty index added 5.5 percent and power and capital goods indices up over 1 percent each.
Stocks that were in focus include CAMS which closed with gains of over 3 percent, and Havells India that rose 6 percent to hit a fresh 52-week high on Wednesday.
Here's what Ruchit Jain, Senior Analyst- Technical and Derivatives, Angel Broking Ltd, recommends investors should do with these stocks when the market resumes trading today:
The stock has swiftly moved higher in the recent past and is in an uptrend. The upmove has been supported by higher volumes and the ‘20 DEMA’ has acted as a support.
The RSI oscillator is positively placed on the daily as well as weekly charts and hence, traders with existing positions should continue to ride the trend.
The immediate support for the stock is now placed in the range of Rs 1300-1290 while the near-term resistance is seen around Rs 1395.
The prices gave a breakout from the consolidation phase in April 2021 and since then there has been no looking back. After reaching the overbought zone in mid-July, we saw some corrections but the volume on price decline was low.
The stock has resumed its uptrend in the later part of August and as of now, there are no signs of reversal. Hence, one should continue to stay with the trend and trade with a positive bias.
The support for the stock is placed around Rs 3770 while resistance is seen around Rs 4290.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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