Stocks that were in focus included names like Patanjali Foods, which declined 1.45%, Tata Motors, which fell 0.17%, and Sun Pharma, whose shares gained 2.61% 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.
Patanjali Foods (Bullish)
After a narrow range consolidation since the last 3 months, the stock is trying to breakout above recent swing highs of around 1393.00.
The stock continues to trade above the 9 period exponential moving average and 21 period exponential moving average, indicating a strong momentum.
On any pullback towards 1340 – 1345 the stock should offer a good buying opportunity with a stop-loss being slightly below 1300, for targets of around 1440 and 1500.
Tata Motors (Bullish)
The stock has been moving in a good consolidation phase since the last 4 months and witnessing strong accumulation happening post the breakout which happened back in July 2023.With the 100 – day moving average being around 615.65 mark, the overall structure and trend remains positive and with the stock coming near a crucial trendline support of 630, we expect the stock to do well in the near future with stop-loss of around 600 and targets of 675 and 700.
Sun Pharma (Bullish)
The stock broke down below a minor support of 1100 in Tuesday’s trading session and touched the major support zone of 1070 from where it has bounced back sharply. Currently the trend looks sideways with the stock being extremely strong above that 1120 mark. We expect the stock to pick up good momentum and strength once it goes above that 1120 mark.
As much as the level of 1070 continues to be an important support for Sun Pharma, the level of 1120 is a very important resistance as well. Any move above 1120 – should open upside towards 1150 and 1170 ; however a break below 1070 can extend weakness towards 1040 and 1030 levels.
(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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