Stocks that were in focus include names like Tata Power, which rose 0.26%, Dabur India, which gained 1.9%, and L&T, whose shares jumped nearly 0.7% on Wednesday.
Here’s what Riyank Arora, Technical Analyst, Mehta Equities, recommends investors should do with these stocks when the market resumes trading today.
Tata Power
Tata Power has experienced a breakdown below the 430 level, signaling a potential decline toward the 405 and 400 levels. For all short positions, it is recommended to maintain a strict stop loss at 440. The current volume trends indicate weak momentum, reinforcing a bearish outlook.
Dabur India
Dabur India has touched a major support zone around 530, suggesting a potential upside to the 560–570 range. This support level, coupled with a noticeable spike in volume, indicates renewed buying interest, favoring a positive outlook in the near term.
L&T
L&T has seen a breakdown below the 3430 level, reflecting a weak technical structure with an expected movement toward 3350 and potentially lower levels. This breakdown points to a bearish trend, as technical indicators are showing downward momentum.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
