Sectorally, buying was seen in finance, FMCG, metals, capital goods, and consumer durables, while selling was seen in oil & gas, realty, energy, utilities, and auto stocks.
Stocks that were in focus included names like
, which rose more than 11 per cent, Campus Activewear which hit a fresh 52-week high and closed with gains of 20 per cent on Tuesday.
Here’s what Viral Chheda, Technical Analyst, SSJ Finance & Securities, recommends investors should do with these stocks when the market resumes trading today:
Tata Investment: Buy on dips
After making a low of around Rs 591 back on March 20 on the weekly chart, the price has given a sharp upside rally to make a high of Rs 1,734 in October 2021.
Volumes were quite low during this period. The stock saw some sell-off on highs as it retraced almost 55 per cent of the previous rally to make a low of Rs 1,215 in June 2021.
After taking support around Rs 1,200, the stock has given a sharp upside rally to make an all-time high of Rs 2,255.
Currently, Tata Investment is highly overvalued as we can see that Stochastics Oscillators are moving in an overbought zone and from here, we can witness some selloff.
Investors holding the stock can book profit at this level and wait for some correction to re-enter again at around Rs 1,900. Hence, we recommend traders or investors wait for some correction and then buy the stock at lower levels of around Rs 1,900 and more on dips towards Rs 1,750.
A stop loss can be placed below Rs 1,550 on a weekly closing basis, and on the upside, we can see Rs 2,300-2,700 in the next 8-10 months.
Campus Activewear: Buy
On the daily chart, we can see that the stock opened at around Rs 360 on a listing day, and from there, investors booked profits which took the stock to Rs 297 in June 2022.
After consolidating in the range of 295-335, the price breached the pattern on the higher side to give a further upside rally. Currently, the stock is trading at an all-time high of 562 odd levels. The higher Top Higher Bottom pattern was formed during this rally.
Stochastics is moving in an upward trend, with an increase in volume indicating further upside from here. The stock looks good from a long-term perspective, and one can buy around this level for an upside level of 750-900 in the next 6-8 months.
Hence, we recommend buying at this level and more on dips towards Rs 550. A stop loss can be placed below Rs 450 on a weekly closing basis, and on the upside, we can see levels of Rs 750-900 in the next 6-8 months.
DB Corp: Buy
After an all-time high of around 448 in October 2016, the price has given a sharp correction to an all-time low of 58 in May 2020 on the long-term charts.
Price has made a Lower Top and Lower Bottom Pattern. For the next two-year, the price moved in the range of 58-108 levels, and once it breached the consolidation phase on the higher side, we saw a sharp bull run till 135 odd levels.
Volumes were quite high during this rally. Currently, the stock is trading at a 30-month high, and more upside moves can be seen.
The Stochastics Oscillator is moving in an upward trend along with an increase in volume, indicating further upside to the rally. Traders can buy the stock at this level for an upside target of 200-250 in the next 6-8 months.
Hence, we recommend buying at this level and more on dips towards Rs 110. A stop loss can be placed below Rs 80 on a weekly closing basis, and on the upside, we can see the level of 200-250 in the next 6-8 months.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)