Benchmark BSE Sensex dropped by 72 points on Wednesday, extending its losing run to the fourth day as IT shares retreated due to concerns over US growth.
TVS Motor
Stocks that were in focus include names like Swiggy, which fell 1.2% and RVNL, which gained 0.8% and TVS Motor, whose shares declined 1.5% on Wednesday.
Here’s what Viral Chheda, Sr Analyst at SSJ Finance and Securities, recommends investors should do with these stocks when the market resumes trading today.
Swiggy
The stock is experiencing sideways momentum with key resistance at Rs 380 and support at Rs 340. Buying is advised only if it sustains above Rs 380, indicating strength.
Current volume trends appear weak, suggesting a lack of strong buying interest. If Rs 340 is broken, the stock could decline further towards Rs 300.
RVNL
The stock is moving in a consolidation phase, with resistance at Rs 393 and support at Rs 310. A breakout above Rs 390 is necessary for a bullish move, as volumes remain low.The Rs 310 level serves as a crucial support, and if breached, the stock may slide to Rs 290. Caution is advised until a decisive move occurs.
TVS Motor
The stock is showing bullish momentum with strong support at Rs 2170 and resistance at Rs 2360. Buying is recommended with a stop loss at Rs 2170, as volumes indicate healthy participation.
If the stock sustains above resistance, it may see further upside. The overall trend remains positive, favoring a buy-on-dips strategy.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)