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In the sector, buying was witnessed in electricity, utilities, metals, health care and oil and gas stocks, while some selling was witnessed in IT, banks, auto and realty.
The stocks that were in focus included names like
Which rose more than 8 percent, which rose over 6 percent, and which closed with a gain of more than 2 percent on Tuesday.
Viral Chheda, Technical Analyst, SSJ Finance & Securities advises investors on what investors should do with these stocks when the market resumes trading today:
Algae Equipment: Buy| Target: Rs 450-490. 6-8 months
On the longer term chart from April 2021 to November 2021, the price has moved into odd levels of Rs 195-232. Once it crossed the consolidation phase, the price took a sharp jump to make an all-time high of Rs 422 in February 2022.
During this the volume was very high. From the high of Rs 422, the price witnessed a sharp selloff as it took almost 90% of the previous rally to a low of around Rs 248.
Over the last two months, we have seen that the price is facing resistance near the all time high of Rs 422 and is turning right to form a flag pattern.
The stock is currently looking positive and once it moves above Rs 390 level, we can see a sharp jump to Rs 450-490 level in next 6-8 months.
Hence, we recommend buying at this level and taking a close close of Rs 355 with a stop loss below Rs 330. On the upside, we can see Rs 450-490 levels in the next 6-8 months.
Asahi India Glass: Buy only on dips. Target: Rs 630-660
After making a low of around Rs 119 in March 2020 on the longer-term chart, the stock has given a sharp rally to reach an all-time high of Rs 620 in January 2022.
The stock has formed a higher top higher bottom pattern during this period. From the highs, the price has seen some profit booking as it took around 45% of the previous rally to a low of around 382 odd levels.
From March 2022 to June 2022, the stock moved in the range of Rs 382-485, and breached the pattern at higher levels with relatively higher volume price and continued its upward rally at Rs 583 high.
Currently, it is overvalued, and one must wait for a new entry. Anything near the 530-500 level is a good buy price target of Rs 630-660.
Hence, we recommend to wait at the current levels and enter a downside break of Rs 530-500 with a stop loss of Rs 450 depending on the close, and in the next 6 to 8 we will take the odd levels at Rs 630-660. can see. month.
Cummins India: Buy| Target: Rs 1165-1255 | 6-8 months
On the weekly chart, after hitting a low of around Rs 280 on April 20, the stock has given a sharp jump to make a 7-year high of Rs 1163 on April 22.
In this rally, the price moved up vertically. Since February 2021 till now the price is moving in an upward parallel channel taking support at each high bottom and resistance at each high top.
Over the last 2 weeks, the stock has taken support at Rs 950 and with relatively higher volumes indicating a further upside move towards Rs 1250 with closes above and above the 21-EMA of Rs 1006.
Hence, we recommend buying at this level and on a downside bias of Rs 985 with a stop loss of Rs 940 and we can see Rs 1165-1255 levels in the next 6-8 months.
(Disclaimer: Recommendations, suggestions, views and opinions given by experts are their own. They do not represent the views of The Economic Times)
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