Stocks that were in focus include names like Jupiter Wagons, which rose 5.70%, Hudco, which gained 4.94%, and PNC Infra, whose shares declined 8.07% on Tuesday.
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.
Jupiter Wagons
In the daily chart, we have seen the stock has given a sharp upside move from its lower level of 300 to make an all-time high of 683 odd levels. From highs, the price has witnessed some correction as it retraced almost 70% of the previous rally to make a low of 446. After taking support of 50 DMA around 445, the price gave some pullback to retest the previous all-time high level.
The stock is currently trading around 683 odd levels, going above 683 will give a sharp up move to make new all-time high around 800-1000. On the lower side it has support around 560-510. For long term stock looks good and can be bought once it goes above 685 odd levels. The Stochastics Oscillator is moving in an upward trend indicating some upside from the current level.
Hence one can buy above 685 and furthermore at dips of 600 with stop loss of 550 on a weekly closing basis and the upside can be seen till 850-1000 in the 6-8 months.
Hudco
After making a low of around 74 in Nov 2023, the price has given a sharp upside move to make an all-time high of 300. Price has given almost 300% return from its lower level as buyers were having the upper hand over bears. Price is currently facing strong resistance at higher levels as it has made double tops around 300 odd levels.
Once these levels are taken out we can see a sharp move in price and it can go upside till 400-500 odd levels. On the lower side, it has supports between 250-220. For long stock looks good and can be bought at every dip. The Stochastics Oscillator is moving in an upward trend indicating some upside from current level.
Hence one can buy at the current level and more at dips of 260 with a stop loss of 220 on a weekly closing basis and the upside can be seen till 400-500 in the 8-10 months.
PNC Infra
After taking the support of 200 DMA at 325, stock has given a bull run to make an all-time high of 575. The stock has made a Higher Top Higher Bottom pattern as buyers were having the upper hand over bears. At a higher level price has witnessed some selling pressure and gave some profit booking to make low around 456.
The price is currently moving near its support level of 456, going below this level will give a further correction to make a low around 400-350. For long stock looks good and can be bought at a lower level of 400. The Stochastics Oscillator is moving in the overbought zone indicating some correction from the current level.
Hence one can buy at dips of 430 and further more at dips of 400 with a stop loss of 350 on weekly closing basis and the upside can be seen till 600-700 in the 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)
