Among the stocks in focus were TCS, down 0.18 per cent, Hindalco, up 0.25 per cent and Shipping Corp, whose shares surged 20 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:
TC-S Corporation
The stock is trading significantly above the anchor VWAP support mark of 3900.00 on the daily chart. As the stock has made new highs and is well above the immediate support levels, it looks poised to reach the 4030.00 and 4050.00 levels.
The RSI(14) near 51 indicates that momentum may pick up in the coming sessions. Traders are advised to maintain a tight stop loss at 3875.00 and aim for potential targets of 4030.00 and 4050.00.
Hindalco
The stock is trading near its all-time resistance mark of 715.25 and profit-taking is seen at higher levels. As per the anchor VWAP, the latest support is near 675.00 and the next support is near 660.00. A fresh upswing in the stock can be expected only after it crosses the 715.00 mark. Traders are advised to maintain a strict stop loss at 675.00 against potential targets of 705.00 and 715.00.
Shipping companies
The company’s shares surged 20% in Thursday trading after breaking through recent high resistance at 290.75 and closing well above it.
Currently, we are recommending traders maintain a trailing stop loss at 315.00 on all active buys of this stock, with targets at 350.00 and 360.00 if the rise continues further.
(Disclaimer: The recommendations, suggestions, views and opinions expressed by the experts are their own. They do not represent the views of The Economic Times)
