Stocks that were in focus included names like Infosys, which rose 1%, Just Dial, which rose 14%, and Tata Motors, whose shares declined 1.54% 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.
Infosys (Sell)
The stock has broken down below its major support level of 1468.00 on daily charts, with volumes nearly three times its 30-day average. With the stock experiencing significant selling pressure, it is expected to head lower towards 1350 eventually. A stop-loss for short positions can be placed near the 1450 mark to manage risk effectively.
Just Dial (Buy)
The stock has broken out above its recent resistance level of 1004.00 on its daily time frame charts. With volume picking up and the RSI (14) on daily charts nearing 73, the overall momentum looks strong, and the stock appears poised for an up-move towards 1100 and 1125. A strict stop-loss should be placed near the 960 mark to manage risk effectively.
Tata Motors (Sell)
The stock has broken down below its important support level of 978.50 on its daily charts, indicating overall weakness. With the stock breaching this crucial support, it is likely to head lower towards 940 and 920 as selling pressure persists. A strict stop-loss should be placed near the 1000 mark to manage risk effectively.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
