Big movers on D-Street: What should investors do with Maruti Suzuki, HDFC AMC and Adani Power?
Stocks that were in focus include names like Maruti Suzuki, which rose 2.53%, HDFC AMC, which declined 0.36%, and Adani Power, whose shares fell 1.63% on Wednesday.
Benchmark indices climbed on Wednesday after positive macro data. The 30-share Sensex climbed 526 points to settle at 72,996 and the broader Nifty recovered 118 points to close at 22,123.Stocks that were in focus include names like , which rose 2.53%, , which declined 0.36%, and , whose shares fell 1.63% 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.
Maruti Suzuki
The stock has successfully managed to rise above its recent swing high of 12,427.30. According to the daily charts, a major support is placed at the 11,825 mark, whereas the minor support is near the 12,140 levels, below which the stock would lose its strength.Any pullback towards 12,400 should offer a good buying opportunity on the stock for upside targets of 13,000 and above.
HDFC AMC
The stock is trading around the major resistance mark of 3860 on its daily charts. A major support is placed at the 3500 mark, below which the stock would lose momentum and strength.In the current situation, we expect the stock to remain sideways and trade within a broad range, eventually giving a good breakout above 3860 and heading towards 4000 levels.
Adani Power
The stock is trading well above its major support mark of 485.00 on its daily and weekly charts, indicating good momentum and strength.With the monthly charts indicating a major support at the 506 mark, the stock looks like a good buy with a strict stop loss of 480 for potential upside targets of 555.00 and 585.00 in a few weeks.
(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
