Big movers on D-Street: What should investors do with ITC, Swan Energy and Kalyan Jewellers?
Stocks that were in focus included names like ITC, which fell 0.82%, Swan Energy, which rose 10%, and Kalyan Jewellers, whose shares dropped nearly 1% on Thursday.
Equity markets rebounded on Thursday and even broader markets saw some recovery from the previous day's sharp losses. The 30-share climbed 335 points to settle at 73,097 and the broader gained 148 points to close at 22,146.Stocks that were in focus included names like , which fell 0.82%, , which rose 10%, and , whose shares dropped nearly 1% on Thursday.
Here's what Riyank Arora, Technical Analyst at Mehta Equities, recommends should do with these stocks when the market resumes trading today.
ITC
The stock held its mark despite the weak market sentiment in Wednesday’s session. With the stock opening gap up and losing most of its gain for the day, a strong support lies at 407-410 levels. A strict stop loss should be kept at 405 for all long positions, and we can see higher levels of 445 and 450 coming in over the period of time.
Swan Energy
The stock faced continuous selling pressure in consecutive 8 trading sessions and fell almost 38%. A major support is placed at around 450 levels below which the stock would lose its strength. An immediate resistance is placed near 525 levels as per the daily charts.
Kalyan Jewellers
The stock touched its important support of 360-365 mark and successfully managed to hold above the same. Overall trend is still positive for the stock and a strict stoploss at 350 should be kept for all longs. Upside we can see 420-430 in the near term.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
Source: Stocks-Markets-Economic Times
