Big movers on D-Street: What should investors do with Patanjali Foods, Tata Investment and JBM Auto?
Stocks that were in focus included names like OIL, which fell 4.04%, IOC, which declined 5.25%, and BPCL, whose shares dropped 4.15% on Friday.
Benchmark indices tanked on Tuesday following a sell-off in index majors and weak Asian. The 30-share fell 736 points to settle at more than a month's low of 72,012 and the broader slumped 238 points to close at 21,817.Stocks that were in focus included names like , which fell 4.24%, , which declined 5%, and , whose shares rose 1.5% on Tuesday.
Here's what Viral Chheda, Sr Technical Analyst, SSJ Finance & Securities, recommends should do with these stocks when the market resumes trading today.
Patanjali Foods
In the daily we can see that after making the double bottom around 1190 in Oct 2023, price has witnessed a sharp Bull Run to make an all time high of 1712 odd levels. Price has given almost 44% returns from its lower level as Bulls were having upper hand over bears.
At a higher level after making triple top around 1700 price gave a correction to make the low of 1280 odd levels. Price is currently facing selling pressure and can see further downside to test the previous bottoms of 1190 levels.
Stock is good for the long term but at current level one should wait for some more dip. Stock is also moving below 200 DMA of 1383 odd levels which is a negative sign. The Stochastics Oscillator is also moving in a downward trend indicating downside movement.
Hence one should wait for further dips and can buy at 1250 and more at dips of 1180 with SL of 1150 on weekly closing basis and upside can be seen till 1500-1750 in next 10-12 months.
Tata Investment
After moving in the range of 4000-4700 odd levels, price has given a sharp upsiderally to make an all time high of 9757 odd levels. Volumes were on rise as bulls were having upper hand on price.
The price has given almost 144% return from its lower level. From highs price has given some correction and currently trading at 15 days lower level we can see further downside till 6100. For long term stock is good but at current level more dips can be witnessed.
The Stochastics Oscillator is moving in the downward trend indicating further downside from this level.
Hence one should avoid buying at current level and can make fresh entry around 6200 and more at dips of 5800 with SL of 5400 on weekly closing basis and upside can be seen till 8000-9000 in next 12-18 months.
JBM Auto
In the daily we can see that after making the low around 1113 in Oct 2023, price has given a sharp upside move to make an all time high of 2428 odd levels. Price has given almost 181% returned from its lower level as Bulls were having upper hand over bears.
From the highs, the price has given some profit booking as it retraced almost 58% of previous rally to make the low around 1665 odd levels. At lower level price moved sideways and in the current week with high volume price has breached the range and moving above that level indicates further upside from here.
The Stochastics Oscillator is also moving in an upward trend along with an increase in volume indicating upside movement with limited downside risk. Hence one can buy at current level and more at dips of 1840 with SL of 1650 on weekly closing basis and upside can be seen till 2500-2900 in next 10-12 months.
(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
