Weakness was evident across all sectors as all indices ended the week with large cuts. The IT, realty, and media metrics each increased 4%, while the auto metric fell 3%. Financial services, banking and consumer goods were also distorted.
A wide range of stocks are active on Dalal Street, including
which fell more than 7%, fell 4% after hitting a 52-week high and lost 6%.
Here’s what Santosh Meena, Head of Research, recommends investors do with these stocks as the market continues to trade today:
Shares of Vedanta fell 7% to Rs 290.60 after parent company Volcan Investments clarified its entry into the semiconductor business.
After rallying around 20% in the last five sessions, thanks to a stream of positive news, the mining expert had an upset reaction to the company clarifications submitted to exchanges.
After making higher highs and lower lows, the counter put on a compression move and made a big move after a breakout from the 100-SMA at around Rs 280.
On the other hand, Rs 275-280 is an important and immediate demand zone. On the other hand, Rs 320 is an area of immediate vulnerability. Above this level, we can expect a rally to the Rs 360 level in the near term.
Apollo Tires: Buy
The tire company hit a new lifetime high on Friday, surpassing the Rs 300 mark as it launched a range of premium motorcycle tyres, excluding raw material discounts and crude oil discounts.
The counter is in a classic uptrend and has seen a long consolidation break on the weekly chart. The overall structure is very bullish as it trades above all the important moving averages.
One can take a position at any point falling around Rs 260 as it creates a strong base at 20-DMA for the Rs 320 target.
After rising 20% on Thursday, the tire maker hit a 52-week high of Rs 1,787.75 on Friday. Some stocks, however, recorded a 4% drop in profits.
The company’s management has outlined the strategic roadmap in the annual investor meeting. Increasing market share across key segments and increasing exports are some of the key areas of focus for management.
The counter is breaking out of a long consolidation on strong volume. The overall structure is very bullish as it trades above its key moving averages. The counter structure looks profitable on the daily chart, but we are expecting a higher booking profit.
One could take a position at the 9, 20-SMA around Rs 1400 for a target of Rs 2000 while on the other hand, Rs 1200 is an important support in the near term.
(Disclaimer: The recommendations, suggestions, views and opinions expressed by experts are their own. They do not represent the views of The Economic Times)