Stock markets recovered on Wednesday with benchmark Sensex closing higher by nearly 593 points on strong macro data and value buying by investors after recent free-fall ahead of US tariff announcements.
Stocks that were in focus include names like Shriram Finance, which rose 0.44% and BEL, which declined 3.2% and RITES, whose shares rose 0.6% on Wednesday.
Here's what Viral Chheda, Sr Analyst at SSJ Finance & Securities, recommends investors should do with these stocks when the market resumes trading today.
Shriram Finance
After making low around 491 in Jan 2025, price has witnessed a Bull Run to make the high of 695 odd levels. Price has given almost 42% returned from its lower level as Bulls were having upper hand over the price. Higher Top Higher Bottom pattern was seen during this uptrend.
From highs price has given some correction to trade at lower level of 635. Stock has a support of 610 odd levels, if this level is broken out we can see further dips till 570 odd levels. We can see the stock to take support of 610 and can re-bounce from here and can make a new high above 700. For long term stock looks good and can be bought at every dips.
Hence one can buy at current level and more at dips of 615 with stop loss of 600 on weekly closing basis and upside can be seen till 700-750 in the coming 3-4 months.
BEL
After making double bottom around 239 in Feb 2025, price has given a sharp upside move to make the high of 306 odd levels. Price has given almost 30% returned from its lower level as Buyers were having full control over the price.
After moving in the range of 295-306 for a few days, price has given a breakout on the lower side from its distribution phase and moving below 20 DMA and 200 DMA averages we can see further dips in the price.
For long term stock looks good and can be bought at every dips. Stock has a support around 260 odd levels and if it holds this level we can see pull back from here. Hence one can buy at dips of 270 and further more at dips of 260 with stop loss of 240 on weekly closing basis and upside can be seen till 350-410 in the coming 10-12 months.
Rites
After making an all time high around 403 in March 2024, stock has witnessed a Bear Run to make the 52 week low of 192 odd levels. Price has given almost 53% downside move from its higher level of 403 odd levels as bears were having upper hand over price. After taking support of 200 WMA around 200 and consolidating in the range around that level, price has given some pull back and moved around 230 odd levels.
Moving above 260 odd levels, we can see further upside till 290-350. For the long term stock looks good and can be bought at every dip. The Stochastics Oscillator is moving in an upward trend along with an increase in volume indicating further upside move with limited downside risk.
Hence one can buy at current level and more at dips of 200 with stop loss of 190 on weekly closing basis and upside can be seen till 290-350 in the coming 6-8 months.
( Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
Stocks that were in focus include names like Shriram Finance, which rose 0.44% and BEL, which declined 3.2% and RITES, whose shares rose 0.6% on Wednesday.
Here's what Viral Chheda, Sr Analyst at SSJ Finance & Securities, recommends investors should do with these stocks when the market resumes trading today.
Shriram Finance
After making low around 491 in Jan 2025, price has witnessed a Bull Run to make the high of 695 odd levels. Price has given almost 42% returned from its lower level as Bulls were having upper hand over the price. Higher Top Higher Bottom pattern was seen during this uptrend.
From highs price has given some correction to trade at lower level of 635. Stock has a support of 610 odd levels, if this level is broken out we can see further dips till 570 odd levels. We can see the stock to take support of 610 and can re-bounce from here and can make a new high above 700. For long term stock looks good and can be bought at every dips.
Hence one can buy at current level and more at dips of 615 with stop loss of 600 on weekly closing basis and upside can be seen till 700-750 in the coming 3-4 months.
BEL
After making double bottom around 239 in Feb 2025, price has given a sharp upside move to make the high of 306 odd levels. Price has given almost 30% returned from its lower level as Buyers were having full control over the price.
After moving in the range of 295-306 for a few days, price has given a breakout on the lower side from its distribution phase and moving below 20 DMA and 200 DMA averages we can see further dips in the price.
For long term stock looks good and can be bought at every dips. Stock has a support around 260 odd levels and if it holds this level we can see pull back from here. Hence one can buy at dips of 270 and further more at dips of 260 with stop loss of 240 on weekly closing basis and upside can be seen till 350-410 in the coming 10-12 months.
Rites
After making an all time high around 403 in March 2024, stock has witnessed a Bear Run to make the 52 week low of 192 odd levels. Price has given almost 53% downside move from its higher level of 403 odd levels as bears were having upper hand over price. After taking support of 200 WMA around 200 and consolidating in the range around that level, price has given some pull back and moved around 230 odd levels.
Moving above 260 odd levels, we can see further upside till 290-350. For the long term stock looks good and can be bought at every dip. The Stochastics Oscillator is moving in an upward trend along with an increase in volume indicating further upside move with limited downside risk.
Hence one can buy at current level and more at dips of 200 with stop loss of 190 on weekly closing basis and upside can be seen till 290-350 in the coming 6-8 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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