Stocks that were in focus included names like Britannia, which gained 3%, Tata Motors, which jumped 9.77%, and Minda Corp, whose shares declined 0.37% on Thursday.
Here’s what Viral Chheda, Sr Technical Analyst at SSJ Finance & Securities, recommends investors should do with these stocks when the market resumes trading today.
Britannia – Buy
In the daily chart after making an all time high around 5270 in July 2023, price has witnessed some profit booking to make the low of 4400 odd levels. Volumes were on rise as sellers were having upper hand on price to take it down.
From August 2023 to till date, the price is currently moving in range of 4400-4635 odd levels and in the current week after taking support around 4400, today with relatively high volume price has given some pull back and closing around 4500 we can see an upside rally. Once the range is taken over above 4635 we can see a sharp up move till 5000-5300 odd levels.
The Stochastics Oscillator is also moving in an upward trend along with the marginal increase in volume indicating further upside from here. Hence one can buy at current levels and more at dips of 4220 with SL of 4340 on weekly closing basis and upside can be seen till 5000-5300 in next 6-8 months.
Jk Tyre – Buy
After consolidating in the range of 245-290 levels in the month of Aug 2023 price has given a sharp upside rally to make an all time high of 344 odd levels.
Volumes were on rise as buyers were having control on price to take it to the new highs. From highs price witnessed some profit booking as it retraced almost 65% of previous rally to make low around 279.
After taking support of 50 DMA at 278 with relatively higher volume price witnessed a sharp Bull Run and closing at new high indicating further upside from here. The Stochastics Oscillator is also moving in an upward trend along with an increase in volume indicating further upside from here.
One can buy at current level and more at dips of 310 with SL of 280 on weekly closing basis and upside can see a level of 410 to 470 in next 6-8 months.
Minda Corp – Buy
After making an all time high around 370 in Oct 2023, price has witnessed some profit booking to make the low of 313 odd levels. After taking support of previous bottoms around 313, price has given some pull back to make a high of 344.
In the last 3-5 days price is currently moving in the range of 310-345, breakout from this range would give a sharp upside rally to make new highs of 400. Stock is moving above all three major averages which is a positive sign for upside.
The Stochastics Oscillator is also moving in an upward trend along with the marginal increase in volume indicating further upside from here. Hence one can buy above 345 and then more at dips of 320 with SL of 300 on weekly closing basis and upside can be seen till 400-450 in next 6-8 months.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
