Stocks that were in focus included names like Ultratech, which fell 0.17%, Maruti Suzuki, which gained 0.23%, and Trident, whose shares dropped 10% 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.
Ultratech Cement – Buy on dips
After a narrow range consolidation, the stock took support near 100 day SMA (Simple Moving Average) around 8250 level. The anchor VWAP band shows a crucial support within the range of 8240 to 8270 zone. Buy on dips would be the ideal play.
Any dip towards 8240 to 8270 levels would be considered as a fresh buying opportunity with a stop loss below 8200 for a target of 8325-8350.
Maruti Suzuki – Buy on dips
Despite the weak market sentiment, the stock held its strength. Currently the stock is trading well above 5 and 9 day EMA (Exponential Moving Average).
In addition, any pullback towards 10730 to 10750 would be a good buy opportunity with stop loss below 10650. Momentum would be extremely strong above that 10825 mark – towards the target of 10900-10950.MMTC – Buy on dips
After a sharp rally of 65% in the last one week; the stock touched a lower circuit of 10% today. With the stock trading well above 5 and 9 day EMA (Exponential Moving Average).
Any pull-back towards 72-73 should be considered as a good buy opportunity as per the anchor VWAP band with a stop loss below 65.
The stock witnessed a multi-year breakout and is now seen to re-test that breakout market. Targets remain open towards 100-120 levels.
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(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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