Stocks that were in focus include names like Sky Gold, which rose 5% and Mazagon Dock, which gained 3.36% and ITC, whose shares declined 1% on Tuesday.
Here’s what Viral Chheda, Sr Analyst at SSJ Finance & Securities, recommends investors should do with these stocks when the market resumes trading today.
SKY Gold
After making low around 1092 in June 2024, price has witnessed a Bull Run to make an all time high of 4245. Price has given almost 289% returned from its lower level as Bulls were having full control over the price. During this period price has made a Higher Top and Higher Bottom Pattern.From highs price has given some correction to test the support of 20 DMA around 3530 and gave some pullback from that level. Price looks good for the long term also an increase in volume indicating more Bull Run from this level. Once the previous all time high level is taken out we can see further upside till 4600-5000. The Stochastics Oscillator has crossed its Red Line along with an increase in volume indicating further upside from here.
Hence one can buy at current level and more at dips of 3600 with stop loss of 3300 on weekly closing basis and upside can be seen till 4800-5200 in the coming 10-12 months.
Mazdock
In the weekly chart after consolidating in the range of 1750-2450, price has given a sharp upside move to make an all time high
around 5809 odd levels. Price has given almost 232% returned from its lower level as buyers were having upper hand over sellers. From high price has witnessed sharp correction as it retraced almost 52% of previous rally to make low around 3830.
During this downtrend stock has made a Falling Wedge Pattern and in the previous week with relatively high volume price has breached the pattern and moved above that level indicating further upside from here.
The Stochastics Oscillator is moving in an upward trend along with an increase in volume indicating upside movement with limited downside risk. Hence one can buy at current level and more at dips of 4100 with stop loss of 3800 on weekly closing basis and upside can be seen till 5500-6500 in the coming 10-12 months.
ITC
After making an all time high around 528 in Sept 2024, price has witnessed a bear run to make the low of 455 odd levels. Price has given almost 14% downside move from its higher level of 528 odd levels. Price is currently forming the Lower Top Lower Bottom Pattern.
After taking support of 200 DMA around 453, price gave some pull back and faced the resistance of 20 DMA around 478. Price is currently trading in the range of 450-485 breakout on either side will give further 30-40 points move. Long term stock looks good and can be bought at every dip.
The Stochastics Oscillator has crossed its red line on the lower side along with an increase in volume indicating some downside from here. Hence one can buy at dips of 460 and further more at dips of 440 with stop loss of 420 on weekly closing basis and upside can be seen till 520-570 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 Economic Times)
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