Stocks that were in focus included names like Easy Trip Planner, which rose 2.07%, Hindustan Copper, which fell 3.6%, and NMDC, whose shares closed 4% lower on Tuesday.
Here’s what Viral Chheda, Sr Technical Analyst, SSJ Finance & Securities, recommends investors should do with these stocks when the market resumes trading today.
EaseMyTrip – Buy
In the daily we can see that after making the low around 37 in Oct 2023, price has witnessed a sharp Bull Run to make the 52 week high of 54 odd levels. Price has given almost 46% returns from its lower level as Bulls were having upper hand over bears. From the highs price has given some profit booking to make the low around 46 odd levels.
In the last 10-15 days price has moved in the range of 46-51 and today with high volume price has breached the consolidation phase and moving around that level indicates further upside from here. The Stochastics Oscillator is also moving in an upward trend along with an increase in volume indicating upside movement with limited downside risk.
Hence, one can buy at current level and more at dips of 46 with SL of 42 on weekly closing basis and upside can be seen till 60-70 in next 10-12 months.
Hindustan Copper – Buy above 270
In the daily after making the low around 136 in Oct 2023, price has given a sharp upside rally to make the 12 years high of 307 odd levels. Price has given almost 126% returned from its lower level as buyers were having full control on price. From the highs, the price has given some profit booking as it retraced almost 42% of previous rally to make low around 234 odd levels.The stock is currently moving in the range of 234-268, breakout from the range on the higher side will give a sharp up move to make the new high above 310 odd levels. Stock looks good for the long term but at the current level we can witness some sideways moves.
Hence, one can buy only above 270 and then at dips of 245 with SL of 230 on weekly closing basis and upside can be seen till 330-370 in next 10-12 months.
NMDC – Buy on dips
In the daily chart after making double bottom around 99 in June 2023, price has given a sharp upside rally to make an all time high of 246 odd levels. Higher Top Higher Bottom Pattern was formed as buyers were having the upper hand on the price. Price is currently witnessing some selling pressure and has the support of previous lower level of 215 and once this level is taken out we can see further dip till 190 odd levels.
As the stock has given almost 150% return from its lower level we can see some correction till 190 odd levels. Stock is good for the long term and above 246 wecan see further upside till 300-350. The Stochastics Oscillator is also moving in the downward trend.
Hence, one can avoid buying at current levels and can buy at dips of 215 and more at dips of 200 with SL of 190 on weekly closing basis and upside can be seen till 270-300 in next 10-12 months.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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