Stocks that were in focus included names like LIC, which fell 1.21%, Zomato, which jumped 5%, and Bharti Airtel, whose shares rose 0.26% 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.
LIC
The stock witnessed significant selling pressure in the last month, falling nearly 25% from its all-time highs. On the monthly and weekly timeframes, charts are suggesting a re-test of the breakout zone ranging from 866.00 to 918.00.
This re-test of the breakout zone offers an attractive buying opportunity at current levels, with a suggested stop-loss set at the 840 mark.
Zomato
The stock has experienced a breakout above the recent anchor VWAP resistance level of 164 and has successfully closed above it. The overall technical structure appears bullish, with potential higher levels of 175 and 190 anticipated.
A strict stop-loss near 150 is recommended for all active long positions on Zomato.
Bharti Airtel
The stock continues to trade at its all-time highs despite weak market sentiments and has maintained its position strongly. At the current market price of 1231.80, the overall trend remains bullish, with immediate support at the 1200 mark.
Below this level, the stock might dip towards 1175 and 1150. However, as long as the stock sustains well above this level, higher levels of 1300 and 1325 may be expected.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)