Big movers on D-Street: What should investors do with ITC, Swan Energy and Kalyan Jewellers?

Stocks that were in focus included names like ITC, which fell 0.82%, Swan Energy, which rose 10%, and Kalyan Jewellers, whose shares dropped nearly 1% on Thursday.

Here’s what Riyank Arora, Technical Analyst at Mehta Equities, recommends investors should do with these stocks when the market resumes trading today.

The stock held its mark despite the weak market sentiment in Wednesday’s session. With the stock opening gap up and losing most of its gain for the day, a strong support lies at 407-410 levels. A strict stop loss should be kept at 405 for all long positions, and we can see higher levels of 445 and 450 coming in over the period of time.

The stock faced continuous selling pressure in consecutive 8 trading sessions and fell almost 38%. A major support is placed at around 450 levels below which the stock would lose its strength. An immediate resistance is placed near 525 levels as per the daily charts.

The stock touched its important support of 360-365 mark and successfully managed to hold above the same. Overall trend is still positive for the stock and a strict stoploss at 350 should be kept for all longs. Upside we can see 420-430 in the near term.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)