Indian market closed lower for the third consecutive day in a row on Thursday pushing benchmark indices below crucial levels. The S&P BSE Sensex closed below 60,000 while the Nifty50 broke below 17800 levels.

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Sectorally, some buying was seen in PSU banks while selling was visible in auto, metals, IT, and realty stocks.

Stocks that were in focus include Tanla Platform rose by about 5 per cent, Trident closed with gains of nearly 5 per cent and Vedanta fell by over 8 per cent on Thursday.

Here's what Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in, recommends investors should do with these stocks when the market resumes trading today:

Tanla Platform: Buy on dips

This counter appears to have registered a fresh breakout from the multi-week consolidation zone situated between 1030 – 730 levels.

Hence, after sustaining above 1390 levels, it can eventually head towards 1550 and beyond. Even, much bigger targets towards 1900 can’t be ruled out as this counter is in a strong long-term uptrend.

However, as this counter sharply rallied from the lows of 1150 to 1460 levels in just two weeks, profit booking can’t be ruled out.

Therefore, positional traders are advised to adopt a two-prong strategy of buying now and adding on dips close to 1400 levels and look for higher targets by placing a stop below 1390 on a closing basis.

Trident: Hold

This counter seems to be in a study uptrend and appears to be moving in some sort of ascending channel for the last 76 weeks. Moreover, in the current week, it has broken out from its 5-week-old consolidation zone situated between 43 to 35 levels.

Hence, sustaining above 39 levels on a closing basis it can head higher towards its consolidation breakout target of 51 levels which also interestingly coincides with the upper boundary of the multi-week channel. Therefore, one should hold with a stop below 38.      

Vedanta Ltd: Avoid

This counter appears to be facing resistance from the long-term trends as it fails to close above its February 2018 top 355 levels on weekly charts despite making several attempts in the last couple of months as sellers overwhelmed.

Moreover, the last 30 weeks of price action chalked out a well-defined ascending channel with multiple touchpoints.

After the recent correction, this counter is currently consolidating at the lower end of the said channel. Hence, going forward it is critical for this counter to sustain above the support zone of 290 – 280 to prevent bigger downsides as a close below the said support can drag it down towards 240 – 220 levels.

Contrary to this, after sustaining above 290, one can eventually expect a bounce towards 340 levels. Traders should avoid this counter for time being and if someone is holding long side bets then they should square on the bounce.    

(Disclaimer: The views/suggestions/advice expressed here in this article are solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)