Big movers on D-Street: What investors should do with TCS, Torrent Power and Mphasis

Benchmark stock indices Sensex and Nifty hit fresh lifetime intraday highs before closing lower on Wednesday, ahead of the US Fed’s decision on interest rates.

Stocks that were in focus included TCS, which fell 3.5%; Torrent Power, which gained 8.48%; and Mphasis, whose shares declined 6% on Wednesday.

TCS

After making lows around Rs 3,583 in June 2024, the price has experienced a sharp upward move, reaching an all-time high of Rs 4,592. The price has returned almost 30% from its lower level, with buyers holding the upper hand over bears.

Torrent Power

After reaching a low of Rs 1,296 in May 2024, the price has experienced a bull run, reaching an all-time high of Rs 1,908. The price has gained almost 47% from its lower level, with bulls maintaining full control over the market.

Mphasis

After making multiple lows around Rs 2,148 in May 2024, the price has experienced a sharp upward move, reaching a two-year high of Rs 3,188. The price has returned almost 48% from its lower level, with buyers holding the upper hand over bears. In the last 20-25 days, the price has moved within the range of Rs 2,974-3,188, and today, with high volume, it has breached the Distribution Phase, moving around that range and indicating potential further downside.Currently, the stock appears overpriced and may see some dips. On the lower side, it has support between Rs 2,800 and Rs 2,700. For the long term, the stock looks promising, but it is advisable to wait for a dip to make a fresh entry. The Stochastic Oscillator is trending downward, indicating that more pain may be ahead.

Hence, one can buy at dips to Rs 2,800 and consider adding more at dips to Rs 2,700, with a stop loss of Rs 2,600 on a weekly closing basis. Upside potential could reach Rs 3,200-3,500 in the coming 10-12 months.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)