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Stocks that were in focus included names like Bajaj Finance, which fell 5.10%, Tata Investment, which jumped 20%, and KFin Technologies, whose shares increased 7.64% on Tuesday.
Here’s what Viral Chheda, Sr Technical Analyst, SSJ Finance & Securities, recommends investors should do with these stocks when the market resumes trading today.
Bajaj Finance – Buy on dips
After making an all time high of 8192 in Oct 2023, price has witnessed a sharp correction to make the low of 6855 odd levels. Stock has made lower top lower bottom patterns as sellers were having upper hand over price. Price is currently trading near six months lower level and has a support of 6800 odd levels, once the support is taken out then we can see further dip till 6300-6000.
For long term stock is good and one can buy at every dip. Price is currently moving above 200 WMA which is a positive sign for rebound and to make new highs. The Stochastics Oscillator is moving in an oversold zone indicating some rebound from this level.
Hence one should wait at current level and buy at dips of 6700 and further more at dips of 6500 with SL of 6200 on weekly closing basis and upside can be seen till 7600-8200 in next 12-18 months.
Tata Investment – Book profits
After moving in the range of 4000-4700 odd levels, price has given a sharp upside rally to make an all time high of 5794 odd levels. Volumes were on rise as bulls were having upper hand on price. Price has given almost 45% return from its lower level and at current level we can expect some profit booking.Stock can face a resistance around 6000-6250 level and can witness some profit booking from here to make a low anywhere between 5300-5000.
For long term stock is good but at current level it is highly overbought and can be bought at every dip. The Stochastics Oscillator is moving in an overbought zone indicating some correction from this level.
Hence one can book some profit at current level and wait for minor dips to buy around 5300 and more at dips of 5000 with SL of 4500 on weekly closing basis and upside can be seen till 6500-7200 in next 12-18 months.
Kfin Tech – Buy for long term
In the daily chart after making the low around 456 in Dec 2023, price has witnessed a sharp Bull Run to make an all time high of 604 odd levels. Price has given almost 33% returned from its lower level as buyers were having full control on price. Stock can face a resistance around 620-650 level and can witness some profit booking from here to make a low anywhere between 550-500.
For long term stock looks good and one can buy at every dip. Price is moving above its all three major averages of 20 DMA, 50 DMA and 200 DMA which is a good sign for further upside.
Hence one can book some profit at current level and wait for minor dips to buy around 550 and more at dips of 500 with SL of 470 on weekly closing basis and upside can be seen till 700-800 in next 10-12 months.
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(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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