Shares that have been in focus included names like RIL, which fell 1.49%, LIC, which rose 4.5%, and Angel One, whose shares declined 13.5% on Tuesday.
Here is what Viral Chheda, Sr Technical Analyst at SSJ Finance & Securities, recommends buyers ought to do with these shares when the market resumes buying and selling at present.
RIL – E book earnings
Within the every day chart after making the low round 2220 in Oct 2023, value has witnessed a pointy Bull Run to make an all time excessive of 2793 odd ranges. Value has given virtually 26% returned from its decrease stage as consumers have been having full management on value.
Inventory can face a resistance round 2820-2850 stage and may witness some revenue reserving from right here to make a low anyplace between 2600-2650. For long run inventory appears to be like good and one can purchase at each dip. Value is transferring above its all three main averages of 20 DMA, 50 DMA and 200 DMA which is an efficient signal for additional upside.
Therefore one can guide some revenue at present stage and anticipate minor dips to purchase round 2620 and extra at dips of 2500 with SL of 2400 on weekly closing foundation and upside will be seen until 3200-3600 in subsequent 10-12 months.
LIC – Purchase
From Could 2023 to Nov 2023 inventory moved within the vary of 590-690 odd ranges and as soon as it breached the consolidation section, value gave a pointy upside rally to make the 52 week excessive of 900 odd ranges. Volumes have been on rise as bulls have been having higher hand on value. For the primary time value has moved above its IPO value and shutting round this stage signifies additional upside from right here.
Inventory can face resistance of earlier all time excessive stage of 912, as soon as it’s taken out we will see up transfer until 1000-1200 in close to time period. Inventory appears to be like good for the long run and one can purchase at each dip. The Stochastics Oscillator can also be transferring in an upward development together with marginal improve in quantity indicating additional upside from right here.Therefore one can purchase at present ranges and extra at dips of 850 with SL of 800 on weekly closing foundation and upside will be seen until 1000-1200 in subsequent 10-12 months.
Angel One – Keep away from
Within the every day chart after making double backside round 1450 in July 2023, value has given a pointy upside rally to make an all time excessive of 3896 odd ranges. Value has given virtually 165% returned from its decrease stage as consumers have been higher hand on the worth. After giving excessive returns, value moved sideways for some days and within the present week with comparatively excessive quantity value has witnessed a pointy correction to make a low of 3340 odd ranges.
Additional draw back will be seen from right here and we’d recommend to guide partial revenue if the inventory is purchased at a decrease stage. For long run inventory appears to be like good and one can purchase at dips of anyplace between 3000-3100. Value is presently transferring under its 20 DMA which is a damaging signal for upside transfer. The Stochastics Oscillator can also be transferring in an overbought zone.
Therefore one can keep away from shopping for at present ranges and can purchase at dips of 3100 and extra at dips of 2950 with SL of 2800 on weekly closing foundation and upside will be seen until 3800-4200 in subsequent 10-12 months.
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(Disclaimer: Suggestions, options, views and opinions given by the specialists are their very own. These don’t signify the views of Financial Instances)
