stock Stocks in the spotlight included stocks such as ABFRL, which rose 9.24%. tata consumerwas flat, and Spring's stock price rose 0.96% on Tuesday.
Here are the recommendations of Viral Chheda, Senior Technical Analyst at SSJ Finance & Securities: Investor You should trade these stocks when the market resumes trading today.
ABFRL
After hitting a low around 198 in March 2024, the price rose sharply to hit a 52-week high of 273. Prices returned nearly 35% from the lower levels as buyers had the upper hand over the bears.
With prices at one-year highs, we are seeing some profit taking and we see prices at odd levels between 220 and 230. It looks great for long-term stocks, and you can buy them every time they dip.
The Stochastic Oscillator remains in the overbought zone, indicating a correction from current levels. So, on a weekly closing price basis, you can buy on a push above 230 at 210 with a stop loss of 195 and could see an upside to 320-370 in 10-12 months.tata consumer
The weekly chart shows that the stock rose sharply from the low level of 682 to hit an all-time high of 1269 odd level.
Prices saw some correction from the high as they retraced almost 32% of the previous rally to a low of 1083. For the past 3-5 weeks, the price has been in the 1080-1160 range, and this week there was a lot of volume that caused the price to break out. It is in a consolidation phase and above that level, indicating further upside from here.
The stochastic oscillator is trending upward with increasing volume, indicating upside movement with limited downside risk. So, at the current level with a stop loss of 1050 on a weekly closing price basis, you can buy more on the 1100 push and could see an upside to 1400-1550 in 10-12 months.
Hindustan Unilever
After hitting a high around 2669 in the 2024 Han, the price witnessed a bear market and hit a new 52-week low at the odd level of 2172. A lower-top-lower-bottom pattern formed as sellers had an advantage over the bulls.
The stock has rebounded somewhat from its lows and closed above the 20 DMA of 2250, indicating an upward trend from here. The stock may face a small resistance around 2300, but breaking out of this level could see a sharp rise and reach 2450-2550 soon.
In the long run, stocks look good and you can buy them every time they dip. The stochastic oscillator is trending upward with increasing volume, indicating upside movement with limited downside movement.
Therefore, we can buy more at the current level at the 2200 push with SL at 2150 on a weekly close basis and we could see an upside to 2450-2550 in the next 6-8 months.
(Disclaimer: Recommendations, suggestions, views and opinions by experts are their own. They do not represent the views of Economic Times)