Stocks that were in focus included names like SAIL, which rose 7.36%, MCX, which was down 4.63%, and HUL, whose shares declined 4.65% on Wednesday.
Here’s what Riyank Arora, Technical Analyst at Mehta Equities, recommends investors should do with these stocks when the market resumes trading today.
SAIL
The stock has given a good breakout above its 52-week high mark of 157.40 and successfully managed to close above the same.
With the RSI (14) on daily charts at 72, the overall momentum looks strong on the stock, and we can expect higher levels of 170 and 175. It is advisable to keep a trailing stop loss near the 160 mark for all existing long positions on the stock.
MCX
The stock touched its all-time high resistance mark of 3990.00 and has been consistently facing selling pressure at higher levels.With significant selling pressure observed at higher levels and an immediate support level at 3660, this level should act as a stop loss for all existing long positions. On the upside, the profit booking zone should ideally be around the 3900-3950 mark.Tata Elxsi
The stock witnessed significant profit booking at higher levels after it declared its quarterly numbers. A minor support level is placed at 6990, below which the next support is expected near 6600 levels.
An immediate resistance is seen near the 7600 mark, above which the next resistance is around 8100 levels. Overall, the risk-reward ratio looks favorable for buying at present levels with a set stop loss at 6900.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
