Among the stocks that stood out were Sobha, which rose 4.97 per cent, L&T Finance, which rose 2.98 per cent and Marico, whose shares fell 2.94 per cent on Thursday.
Riyank Arora, Technical Analyst at Mehta Equities, has these recommendations for what investors should do with these stocks when markets resume trading today:
Buckwheat
The monthly RSI (14) is around 85, indicating that the stock is slightly overbought. On the daily chart, the stock continues to face selling pressure at higher levels, with a string of wick rejections. For this stock, I would recommend focusing on profit taking here and re-entering at a low of around 1800.
L&T Finance
On June 13, around 882 million shares of L&T Finance Limited were traded in a bulk transaction. Technically, the stock has touched resistance at 179.00 on the daily chart and is facing selling pressure at higher levels. With immediate support around 168-170 zone, the stock is expected to see profit booking and move towards this support zone. In the current situation, immediate resistance is around 180 level. Marico
The stock is trading near the trendline support mark of 597 on the daily chart. With immediate resistance near the 650-655 zone and the stock forming higher highs and higher lows, we expect the stock to rise much above the 585.00 mark.
Traders are advised to maintain a tight stop loss at 585 with potential targets of 650 and 655.
(Disclaimer: The recommendations, suggestions, views and opinions expressed by the experts are their own. They do not necessarily represent the views of the Economic Times)
