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Stocks that were in focus include names like SBI Life, which rose 3% and DMart, which gained 1% and LTIMindtree, whose shares jumped 2.5% on Thursday.
Here’s what Viral Chheda, Sr Analyst at SSJ Finance and Securities, recommends investors should do with these stocks when the market resumes trading today.
SBI Life
After making the Double Top around 1936 in September 2024, price has witnessed a bear run to make the low of 1377 odd levels. Price has given almost 30% downside move from its higher level of 1936 odd levels. Price has formed a Lower Top Lower Bottom Pattern.At the lower levels after moving in the range of 1377-1487, price has breached the consolidation phase and moving above that level indicates further upside movement. For the Long term stock looks good and can be bought at every dips. The Stochastics Oscillator is moving in an upward trend along with an increase in volume indicating further upside from here.
Hence one can buy at current level and more at dips of 1425 with stop loss of 1370 on weekly closing basis and upside can be seen till 1700-1850 in the coming 10-12 months.
DMart
After making the 52 week high around 5485 in Sept 2024, price has witnessed a bear run to make the low of 3399 odd levels. Price has given almost 38% downside move from its higher level of 5485 odd levels. At the lower levels price is making a double bottom pattern and reversal from this level can be seen.
Stock is having strong support around 3390, below which we can see further correction till 3100-3000 odd levels. On the higher side price can face some resistance around 3700-3750 odd levels, moving above this level will give further upside move till 4000-4200. For the Long term stock looks good and can be bought at every dips. The Stochastics Oscillator is moving in an upward trend along with an increase in volume indicating further upside from here.
Hence one can buy at current level and more at dips of 3500 with stop loss of 3390 on weekly closing basis and upside can be seen till 4000-4200 in the coming 10-12 months.
LTIMindtree
After making the 52 week high around 6768 in Dec 2024, price has given a sharp correction to make the low of 5510 odd levels. Price has given almost 20% downside move from its higher level of 6768 odd levels. After taking the support of 200 DMA around 5530, price has given some pull back as it retraced almost 50% of previous rally to make the high of 6158 odd levels.
Currently the price is moving in the range of 5650-6160, breakout on either side will give further 300-400 points move. For the Long term stock looks good and can be bought at every dips. The Stochastics Oscillator is moving in a downward trend indicating some downside from here.
Hence one can buy at dips of 5800 and further more at dips of 5650 with stop loss of 5500 on weekly closing basis and upside can be seen till 6200-6600 in the coming 10-12 months.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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