Stocks that were in focus included names like HDFC Bank, which fell 8.16%, TV18 Broadcast, which rose 7.58%, and SAIL, whose shares declined 5% 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.
HDFC Bank (Bearish)
The stock has experienced a significant breakdown on its daily charts, falling below crucial support zones of 1590 to 1600. With the stock dropping nearly 8.5% in Wednesday’s session, any pullback towards 1560 would present a good shorting opportunity.
Overall, the stock is likely to head towards 1460-1465 over time.
TV18 Broadcast (Bullish)
The stock touched its crucial support zone of 56.00 to 59.00 in Wednesday’s session and bounced sharply from there. The overall trend continues to remain positive in the entire Media Sector, and it appears that the stock should likely head towards the 74 and 78 marks over time.
SAIL (Bullish)
The stock is trading around its crucial support level of 112 on its daily charts. Looking at the overall trend and the stock moving in a higher high – higher low formation, it appears that the stock should likely head towards 120 and 124 over time.
A protective stop loss, slightly below 110, can be placed to prevent any further downside risks.
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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)