Rechercher dans ce blog

Sunday, July 23, 2023

Big Movers on D-Street: What should investors do with Infosys, Indiamart and JSW Steel? - Economic Times

Weak show by IT stocks pulled down benchmark indices on Friday. The 30-share BSE Sensex tanked 887 points to settle at 66,684, while the broader Nifty50 fell by 234 points to end at 19,745.

Stocks that were in focus include names like Infosys, which fell nearly 8%, Indiamart, which rose 8.31%, and JSW Steel, whose shares declined 1.37% on Friday.


Here's what Pravesh Gour, Senior Technical Analyst at Swastika Investmart, recommends investors should do with these stocks when the market resumes trading today:

Infosys: Avoid
The counter is in a downward trend and from the last trading session it has broken a demand level at around Rs 1350 and also given a closing below the same level. The overall structure is distorted as it trades below its all-important moving averages, however, it has a next demand zone near 1300-1280. On the upside, 1350 is an immediate susceptible area. Above this, we can expect a run-up towards 1400+ levels in the near term.

Indiamart: Buy for long term
The counter has experienced a breakout of the triangle formation with strong volume on the daily chart. It retested its breakout levels at around Rs 2600 and started a new leg of the rally towards 3400+. The overall structure of the counter looks lucrative, as it is trading above all its important moving averages. MACD (moving average convergence divergence) is supporting the current strength, whereas the momentum indicator RSI (relative strength index) is also positively poised.

On the upside, Rs 3400 is an immediate hurdle; above this, we can expect a move towards Rs 3600+. On the downside, Rs 2600 is a strong demand zone during any correction.


JSW Steel: Buy
The counter has witnessed a breakout of a symmetrical triangle formation on the daily chart. However, it has provided a meaningful correction to retest the previous breakout level of 690 after making a 52-week high. The counter is trading above its important moving averages. On the higher side, 840 is psychological resistance; above this, we can expect a move towards 880 in the near term, while on the downside, Rs 680 is the immediate support; below this, Rs 650 will be the next important support level.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

Adblock test (Why?)


Big Movers on D-Street: What should investors do with Infosys, Indiamart and JSW Steel? - Economic Times
Read More

No comments:

Post a Comment

Govt’s fiscal consolidation plan to aid private sector, boost capex revival - Moneycontrol

Finance Minister Nirmala Sitharaman The 2024 Interim budget is based on the robust framework of “Viksit Bharat by 2047.” Driving this gr...