Stocks that were in focus included names like Delhivery, which fell 4.15%, CG Power, which gained 20%, and IDBI Bank, which rose 3% 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.
Delhivery (Bearish)
The stock has experienced a breakdown below its critical support level of 395. This breach of the trendline suggests a potential decline towards the 375 and 360 marks in the coming weeks. The overall trend appears negative, with a sentiment to sell on any upward movement.
CG Power (Bullish)
The stock has given a strong breakout above its pivotal resistance level of 460, surging more than 20% during Wednesday’s trading session. Trading volumes witnessed a substantial increase, nearly six times the average volume over the past 10 days. This significant breakout, coupled with a sharp rise in volumes, signals optimism for the stock and indicates a potential upward movement towards the 500 and 550 marks.
IDBI Bank (Bullish)
The stock is currently trading around its crucial support zone between 59 and 60. Given the favorable risk-reward ratio for a buy position, the trend appears bullish, with a suggested stop loss just below 58. Any pullback may lead the stock to revisit levels of 64 and 65 on the upside. Overall, the charts are indicating a positive outlook.
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