Sectorally, buying was seen in FMCG names, while selling pressure was visible in utilities, power, capital goods, oil & gas and realty stocks.
Stocks that were in focus included names like
, which hit a fresh 52-week high, , which pared gains to close 1 per cent lower and , which fell more than 2 per cent.
Here’s what Rahul Goud, Research Analyst – Equity Research, CapitalVia Research, recommends investors should do with these stocks when the market resumes trading today:
Triveni Turbine: Buy
Triveni Turbine produces steam turbines and their parts. Currently, the volumes are near 52-week high for the company, which closed 1 per cent higher at Rs 231.
On the daily charts, the MACD indicator is dipping downward, signalling impending stock decline.
Traders can purchase stock at a correction price of about Rs 220 with a stop loss of Rs 205 to achieve the goal price of Rs 250 soon.
Bharti Airtel: Buy
A provider of voice and data telecommunication services, Bharti Airtel Limited uses broadband technology, wireless networks, and fixed lines to deliver its services.
Telecom major Bharti Airtel’s revenue increased at a yearly rate of 4.14 per cent during the past five years, compared to the industry average of 1.37 per cent. The market share climbed from 58.61 per cent to 67.06 per cent during the same time.
After hitting its 52-week high, the stock dropped 1.47 per cent to Rs 780 on Wednesday. It is currently trading in an upward slope and traders can buy the stock on a dip at around Rs 760 with a stop loss of Rs 740 and an immediate target price of Rs 820 with a short-term target price of Rs 1,120.
Pharma major Cipla provides products for various therapeutic fields, such as malaria, HIV/AIDS, critical care, infectious diseases, dermatology, and children’s health.
The stock is now undervalued at a price-to-book ratio of 4.17x. The net income has increased at 20.12 per cent each year, above the industry average of 3.94 per cent. On daily charts, the stock technically broke out of the cup and handle chart pattern. On Wednesday, it tested the level of the breakout.
Traders can purchase the stock at CMP Rs 1,070 with a stop loss of Rs 1,030 and a short-term target price of Rs 1,120.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)