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The sector witnessed selling pressure in oil and gas, consumer durables, energy, healthcare and power stocks, while some buying was seen in banks, metals and realty stocks.
Shares in action on Friday included names that fell more than 6 percent, rose more than 6 percent, and those that fell more than 4 percent to hit 52-week lows.
Here’s senior technical analyst Pravesh Gaur’s advice on what investors should do with these stocks when the markets start trading today:
Titan Company: Weak
The counter has seen a breakdown from the formation of a head and shoulders pattern on the longer time frame chart.
The overall structure is distorted as it is trading below the 100, 200-day SMA moving average, and the momentum indicators are also trending negative.
On the downside, Rs 1,800 is a strong support level where we can expect a bounce back, while on the upside, Rs 2,150 level is likely to act as an immediate hurdle.
HAL: Buy
On the daily chart, the counter has formed a bullish engulfing formation. It is emerging from a long consolidation with strong volumes.
The pattern suggests an immediate target above Rs 2,100, while it has further upside potential. On the downside, Rs 1,700 will act as an immediate support level.
The RSI (Relative Strength Index) and MACD (Moving Average Convergence Divergence) are supporting the current strength.
Wipro: Buying can be seen near Rs 400 in the stock
The primary structure of the counter is following a continuous downtrend. The stock has broken neckline support with strong volumes of Rs 440.
The stock is now trading below all its moving averages which is also a negative sign over the counter.
However, most of the momentum indicators are oversold and Rs 400 is a sacred support level where we can expect buying interest. On the upside, Rs 440-450 will act as an immediate resistance area.
(Disclaimer: Recommendations, suggestions, views and opinions given by experts are their own. They do not represent the views of The Economic Times)
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