Equity indices climbed nearly 1% on Wednesday on buying in HDFC Bank and Reliance Industries. The 30-share Sensex jumped 612 points to settle at 71,752 and Nifty climbed 203 points to 21,725.
Stocks that were in focus included names like L&T, which fell 4.22%, PB Fintech, which jumped 10.2%, and Voltas, whose shares increased 7.09% on Wednesday.
Here’s what Riyank Arora, Technical Analyst at Mehta Equities, recommends investors should do with these stocks when the market resumes trading today.
L&T – Bearish
The stock has experienced a significant breakdown below its crucial support mark of 3500. As long as the stock continues to trade below the 3550 mark, the trend should remain negative, and it is expected that the stock will gradually move towards 3350 and 3290 levels.
PB Fintech – Bullish
The stock has shown a strong breakout above its recent resistance mark of 972.50. The recent resistance mark lies near 1025 and 1050 levels. It is expected that the stock will trade between the 985 to 1045 zone and then eventually break above its 1050 mark, heading higher towards 1100 and beyond.
Voltas – Bullish
The stock has demonstrated a robust breakout above its resistance mark of 1065. With the stock closing near the 1092 mark, the overall trend looks extremely bullish for Voltas, and it is expected that the stock will eventually head higher towards 1200 and beyond in a spree of momentum rally. A stop loss should be placed below the 1050 mark.
Twitter ID : https://twitter.com/RiyankArora_
(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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