Stocks that were in focus include names like Star Health, which rose 1.69%, M&M, which increased 4.63%, and Tata Chemicals, whose shares declined 2.49% 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.
Star Health
After making the high around 675 in Sept 2023, price has witnessed a bear run to make the low of 510 odd levels. Lower Top Lower Bottom pattern is formed as sellers were having upper hand over bulls.
From the lows, stock has given some pull back and in the last two months stock is moving in the range of 535-595, breakout from the range will give further 20-30% move.
For the long term stock looks goods and can be bought at every dip. The Stochastics Oscillator is moving in an upward trend along with an increase in volume indicating an upside movement with limited downside move. Hence one can buy at current level and more at dips of 540 with SL of 500 on weekly closing basis and upside can be seen till 700-800 in next 10-12 months.
M&M
After making low around 1575 in Jan 2024, price has given a sharp upside move to make an all time high of 2164. Price has given almost 40% returned from its lower level as buyers were having the upper hand over bears.
As the prices are at all time high we can see some profit booking and can see the price of anywhere between 1900-2000 odd levels. For long stock looks good and can be bought at every dip. The Stochastics Oscillator is moving in the overbought zone indicating some correction from current level.
Hence one can buy at dips of 2050 and more at 1970 with stop loss of 1900 on weekly closing basis and upside can be seen till 2300-2500 in the 6-8 months.
Tata Chemicals
After making an all time high around 1349 in Mar 2024, price has witnessed a sharp correction to make the low of 1020 odd levels. Price has given 330 points correction as sellers were having upper hand over bulls.
After taking the support of 200 DMA around 1018 price has given some pull back. Currently the stock is moving in the range of 1020-1190, breakout from the range will give further 20-30% move. For the long term stock looks goods and can be bought at every dip.
The Stochastics Oscillator is moving in an oversold zone indicating some upside move from here. As the price is near its support level one can buy at current level and more at dips of 1000 with SL of 930 on weekly closing basis and upside can be seen till 1300-1450 in 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)
