Stocks that were in focus included names like SBI, which fell 0.62%, Lotus Chocolate, which rose 12%, and Exide Industries, whose shares rose 15% on Tuesday.
Here’s what Viral Chheda, Sr Technical Analyst, SSJ Finance & Securities, recommends investors should do with these stocks when the market resumes trading today.
SBI
After making low around 600 in Jan 2024, price has given a sharp upside move to make an alltime high of 793. Volumes were on rise as buyers were having the upper hand over bears.
The high price has witnessed some profit booking to make a low of 720 odd levels. In the last one month the price is moving in the range of 720-793, breakout on either side will give 10-15% move. For long stock looks good and can be bought at every dip.
The Stochastics Oscillator is moving in the downward trend indicating some correction from current level. Hence one can buy at dips of 730 and more at 720 with stop loss of 680 on weekly closing basis and upside can be seen till 850-950 in the 10-12 months.Lotus Chocolate
After moving in the range of 300-367 for 3 months, price has given breakout on higher side to make an all time high of 470 odd levels.Volumes were on rise as bulls were having full control on price. As the stock has given almost 55% return from its lower level we can see some profit booking at current level. One should avoid buying at current levels and can buy at dips of 370-400.
The Stochastics Oscillator is also moving in an overbought zone. Hence one should avoid buying at current level and buy at dips of 400 and more at 370 with SL of 340 on weekly closing basis and upside can be seen till 550-650 in the next 10-12 months.
Exide Industries
After making the low around 290 in Mar 2024, price has witnessed sharp upside move to make an all time high of 470 odd levels. Stock has given almost 62% return as buyers were having upper hand over price.
From the current level we can see some profit booking as stock is trading at over price and can see correction till 350-375. For long term stock looks good but at current level one can avoid buying. The Stochastics Oscillator is moving in an overbought zone along with increase in volume indicating some downside with limited upside risk.
Hence one can avoid buying at current level and can buy at dips of 375 and more at 350 with SL of 320 on weekly closing basis and upside can be seen till 500-650 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)
