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Stocks that were in focus include names like Emami, which rose 5.03%, CDSL, which gained 1.7%, and Medanta, whose shares declined 2.70% on Tuesday.
Here’s what Kushal Gandhi, Technical Analyst, StoxBox, recommends investors should do with these stocks when the market resumes trading today.
Emami
The price of Emami Ltd saw a significant increase of 81% in 10 weeks, reaching a record high of 762 levels, indicating a bullish breakout after a prolonged period of over 9 years.
In the last 14 weeks, there has been a sharp surge, leading to the formation of a flag pattern, which suggests a potential continuation of the trend. The stock demonstrates improving EPS strength, price strength, and increased buyer demand.
Our recommendation is to buy EMAMI with a target price of 871 and to set a protective stop at 683.
CDSL
The price of CDSL surged sharply on Friday after opening with a gap-up, resulting in a breakout from a sideways trading range. The stock rose nearly 19% intraday and trades over 15% above its mean level, increasing the likelihood of profit booking.
The overall trend remains intact; however, considering the unfavourable risk-to-reward ratio at the current market price, we recommend refraining from initiating new long positions in the stock.
Nonetheless, committed investors can continue to hold their positions with a target of 2790 while trailing their stop losses at 2240.
Medanta
After experiencing a remarkable 287% increase since its listing, the price action has entered a profit-taking phase and is now expected to be in a distribution phase.
The current price structure displays lower high formation, signalling a need for more potential for the price action to bottom out.
As such, we recommend abstaining from purchasing the stock and instead monitoring the situation, looking for a bullish confirmation above the 1388 levels on a closing basis before considering any further action.
(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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