Stocks that were in focus include names like Tata Technologies, which closed flat, Apollo Tyres, which jumped 3.14%, and Vodafone Idea, whose shares fell 0.76% on Thursday.
Here’s what Avdhut Bagkar, Derivatives and Technical Analyst at StoxBox, recommends investors should do with these stocks when the market resumes trading today.
Tata Technologies
The price action is highlighting a negative bias, as the formation of “Lower Low, Lower High”, continues to push prices lower. Few sessions ago, the price dwindled to a fresh 52-week low on strong volumes, implying that the negative bias engulfed the trading sentiment for a few more weeks.
To regain the losing outlook, the stock must surpass the key hurdle of 1100. When that happens, the price action breakout could head to 1200.Apollo Tyres
The daily chart of Apollo Tyres shows a breakdown of “Double Top” exhibiting a medium-term bearishness in the price action. To refute this viewpoint, it must demonstrate a resilient trend over 515 to entice bulls to ride the further upside.
If this fails to materialize, the price may fall to previous levels of 450 & 470. The immediate support stays at 447, its 200-day moving average (DMA).
Vodafone Idea
To break out on the upside, the stock must deliver aggressive closing over 15 levels. Until that happens, the trend to remain subdued and may witness sideways moves. On the downside, the immediate support exists at 11 level.
A breach of this support mark could see the price slipping to 9 level. Similarly, a breakout over 15 would lead a positive rally to 20 level.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
