Grid Stock Price: Big Volatility on D-St: What Should Investors Do With Power Grid, Piramal Enterprises and RBL Bank?
S&P BSE Sensex fell more than 950 points, while Nifty50 held only 17,000 points at the close.
Notable stocks include names like
Covered the loss and closed with a loss of nearly 1%, down more than 6% and down more than 8% on Monday.
This is what Jatin Gohil, Technical Research Analyst and Derivatives about
Securities, investors should do with these stocks as the market continues to trade today:
: Buying
Since September 16, 2022, the stock has been under tremendous pressure, as it has reported a 28% drop from its mid-September high of Rs 238.45. The stock then found support around Rs 190, which coincides with its medium-term support area and also its 100-week SMA. On the daily chart, the Power Grid formed an indecisive Doji pattern and erased some of the damage.
The main technical indicators have tested the oversold zone on the short-term time frame chart, while its short-term indicators have reversed from lower levels and are poised for a positive crossover. The risk reward is favorable for a new long position at this point.
This can bring the stock to Rs 220 initially and Rs 230 afterwards. In the event of any decline, the stock will find support around the Rs 190-186 zone.
Piramal Enterprises: For Sale
Shares extend losses after falling and slide to 52-week low. It is trading below the key moving averages on the short, medium and long term time frame charts. Key technical indicators also favor the bears.
This could drag the stock towards Rs 802-665-607. On the higher side, Piramal Enterprises will face a hurdle around Rs 1,000-1,050 zone. A steady move above that zone would invalidate the stock’s short-term decline.
RBL Bank: Sell
This stock reversed bullish momentum after forming a Double Top pattern around Rs 134 and fell to a 1-month low of 112. It closed below the 50-day EMA for the first time since Aug. 1, 2022. .
In the past, stocks have seen significant declines after breaching that moving average. The main technical indicators are trending negative on the medium and short term time frame charts.
Under the current setup, a further drop cannot be ruled out, which could drag the stock towards Rs 100 initially and Rs 92 afterwards.
(Disclaimer: Recommendations, suggestions, views and opinions expressed by experts are their own. These do not represent the views of Economics. Times)
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