Stocks that were in focus include names like Symphony, which rose 10.35%, Apollo Tyres, which fell 1.48%, and Shree Cement, whose shares declined 3.66% on Thursday.
Here’s what Kushal Gandhi, Technical Analyst, StoxBox, recommends investors should do with these stocks when the market resumes trading today.
Symphony
The price action of Symphony has displayed a robust bullish momentum derived from a multi-year developed pattern. This surge followed the announcement of its earnings, propelling the stock by approximately 35% over the course of the week. Consequently, the stock is now considerably overextended, rendering it susceptible to profit booking.
We advise existing investors to maintain their positions, potentially targeting an upside of 1950. However, we recommend abstaining from initiating new buy entries in the stock at the current market price.
Apollo Tyres
The analysis of Apollo Tyres’ price pattern on a daily timeframe reveals prominent resistance at approximately 558, leading to notable profit booking from this level.The current price action is proximate to the 50-day moving average. A confirmation of bullish momentum is contingent upon the price exceeding the mentioned resistance.Notably, the stock has exhibited declining price strength relative to the broader market. Consequently, we advise initiating a purchase position once the stock surpasses the aforementioned resistance level.
Shree Cement
The price action of Shree Cement has demonstrated a breakdown subsequent to the formation of a double-top distribution pattern. This was accompanied by a confirmed downside movement and notable trading volume, resulting in a correction of approximately 15% from the critical resistance level in the vicinity of 28600.
Currently, the stock is positioned beneath the 50-day moving average, signalling bearish implications. Consequently, it is advisable to abstain from purchasing Shree Cement at the prevailing market price.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
