ETMarkets.comThe Indian market closed in the red for the second consecutive day in a row on Wednesday. The S&P BSE Sensex fell by nearly 200 points while the Nifty50 managed to close above 16,500 levels.
Sectorally, buying was seen in capital goods, industrials, metals, banks, and public sector stocks while selling was visible in power, utilities, healthcare and realty.
Stocks that were in focus include names like which fell nearly 4 per cent, which hit a fresh 52-week high, and which rallied more than 9 per cent on Wednesday.
Here's what Vijay Dhanotiya, Lead Technical Research at CapitalVia Global Research, recommends investors should do with these stocks when the market resumes trading today:
Bajaj Auto: Buy
Bajaj Auto might have fallen but the momentum oscillators conditional to bullish market continuation is still intact. The two-wheeler maker remains a good buy on dips around Rs 4,050 level.
Moving average indicator and 200-day EMA make it a strong buy in the short term. Bajaj Auto has also shown a rise in monthly sales numbers for May which highlights a revival in the auto sector.
HAL: Buy
After the quarterly result, is giving fantastic movement. It has already broken the key level of Rs 1,900. The company reported strong results for the quarter ended March.
On Wednesday, it rose by about 3 per cent and in the upcoming trading sessions, we can expect further upside movement.
There is a major psychological level of Rs 2,000 which it can test in the upcoming days. On the downside, a level of Rs 1,700 can act as a support level.
Happiest Minds: Buy
There was an excellent swing in in the last 1-2 trading sessions. Since July 2021, we saw an almost 50% price correction in the stock.
However, considering global IT tech socks, there was a good recovery in Indian midcap stocks as well and Happiest mind was one of them.
On Wednesday, we saw a 10 per cent jump in the stock. Although it is trading near its resistance level, but if it sustains above the level of Rs 1,000, then we can expect the levels of Rs 1,040-1,070.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)
Sectorally, buying was seen in capital goods, industrials, metals, banks, and public sector stocks while selling was visible in power, utilities, healthcare and realty.
Stocks that were in focus include names like which fell nearly 4 per cent, which hit a fresh 52-week high, and which rallied more than 9 per cent on Wednesday.
Here's what Vijay Dhanotiya, Lead Technical Research at CapitalVia Global Research, recommends investors should do with these stocks when the market resumes trading today:
Bajaj Auto: Buy
Bajaj Auto might have fallen but the momentum oscillators conditional to bullish market continuation is still intact. The two-wheeler maker remains a good buy on dips around Rs 4,050 level.
Moving average indicator and 200-day EMA make it a strong buy in the short term. Bajaj Auto has also shown a rise in monthly sales numbers for May which highlights a revival in the auto sector.
HAL: Buy
After the quarterly result, is giving fantastic movement. It has already broken the key level of Rs 1,900. The company reported strong results for the quarter ended March.
On Wednesday, it rose by about 3 per cent and in the upcoming trading sessions, we can expect further upside movement.
There is a major psychological level of Rs 2,000 which it can test in the upcoming days. On the downside, a level of Rs 1,700 can act as a support level.
Happiest Minds: Buy
There was an excellent swing in in the last 1-2 trading sessions. Since July 2021, we saw an almost 50% price correction in the stock.
However, considering global IT tech socks, there was a good recovery in Indian midcap stocks as well and Happiest mind was one of them.
On Wednesday, we saw a 10 per cent jump in the stock. Although it is trading near its resistance level, but if it sustains above the level of Rs 1,000, then we can expect the levels of Rs 1,040-1,070.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)
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