Stocks that were in focus included names like BSE, which declined 2.61%, Muthoot Finance, which fell 1.50%, and SBI Life, whose shares gained 3.30% on Tuesday.
Here’s what Amol Athawale, Vice-President – Technical Research at Kotak Securities, recommends investors should do with these stocks when the market resumes trading today.
Siemens – Buy
The stock had been in a persistent downward trend. Therefore, it is currently into an oversold territory on the daily scale. The texture of the chart formation and technical indicator RSI is indicating a likely reversal from the current levels, which could lead to a new leg of the up move from its demand zone.
For the next few trading sessions 3450 could be the trend decider level for the bulls, if it sustains above the same, we can expect further uptrend towards 3550. On the other hand, 3220 would be the support level for the stock in the coming horizon.
Muthoot Finance – Buy
The counter is trading into a rising channel pattern constantly after it rebounded from the support zone. The strong bullish momentum on daily and weekly scale suggest that the counter is likely to maintain bullish continuation chart formation in the coming horizon.
As long as the stock is trading above 1250 the bullish formation is likely to continue. Above which, the counter could move up to 1400. On the flip side, fresh sell off is possible only after dismissal of 1250.SBI Life- Buy
The stock is in a rising trend from the last few sessions. Additionally, on the daily charts the stock has given a breakout from cup and handle chart formation.
Therefore, an up move from the resistance zone for the bullish continuation rally is very likely to continue in the coming trading sessions.
For the traders, 1310 would be the key support level to watch out. Above which the uptrend structure should continue until 1470.
(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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