Big movers on D-Street: What should investors do with TCS, Hindalco and Shipping Corp?
Sensex and Nifty closed down Thursday amid profit booking before quarterly results. TCS fell 0.18%, Hindalco rose 0.25%, Shipping Corp surged 20%. Analysts recommend using VWAP, RSI for potential momentum, and maintaining stop losses. TCS target: 4030-4050; Hindalco: 705-715; Shipping Corp: 350-360, hit upper circuit, swing high resistance, trailing stop loss.
Benchmark Sensex and Nifty closed marginally down in a volatile session on Thursday as investors booked profits in heavyweights ahead of quarterly results.Stocks that were in focus include names like , which fell 0.18%, , which gained 0.25%, and , whose shares Jumped 20% on Thursday.
Here's what Riyank Arora, Technical Analyst at Mehta equities, recommends investors should do with these stocks when the market resumes trading today.
TCS
The stock is trading significantly above its anchor VWAP support mark of 3900.00 on its daily time frame charts. With the stock making higher highs and remaining well above its immediate support level, it appears poised to reach the 4030.00 and 4050.00 levels.
The RSI (14) around 51 indicates potential momentum in the upcoming sessions. We advise traders to maintain a strict stop loss at 3875.00, aiming for potential targets of 4030.00 and 4050.00.
Hindalco
The stock is trading near its all-time high resistance mark of 715.25 and experiencing some profit booking at higher levels.
According to anchor VWAP, the latest support is near 675.00, with the next support around 660.00. A fresh rally in the stock can be expected only above the 715.00 mark. We advise traders to maintain a strict stop loss at 675.00 for potential targets of 705.00 and 715.00.
Shipping Corp
The stock hit a 20% upper circuit in Thursday's session after crossing its recent swing high resistance mark of 290.75 and closing well above it.
Currently, we advise traders to maintain a trailing stop loss at 315.00 for all active buys on the stock, targeting 350.00 and 360.00 as this rally extends further.
(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
