stock recommendations: Big Movers on D-St: What should investors do with KPIT Technologies, Wipro and Cholamandalam Investment?

Sectorally, some buying was seen in FMCG while selling was seen in metals, IT, realty, and capital goods stocks.

Some of the stocks which remained in focus include names like KPIT Technologies which was up more than 2%, Wipro which fell more than 2% and Cholamandalam Investment which was down by over 2% on Monday.

Here’s what Jatin Gohil, Technical and Derivative Research Analyst at Reliance Securities recommends investors should do with these stocks when the market resumes trading today:

Kpit Technologies – Positive
On 14th Mar’23, the stock found multiple supports at around Rs 770 and resumed its up move. Later, the stock recorded a new high of Rs 895 and reported a ~16% rise from that low point.

The key technical indicators are in favour of the bulls in the short-term as well as on the medium-term timeframe charts. As per the current setup, we believe the stock may keep exploring uncharted territory.

This could lead the stock towards Rs 1,000. A fresh long position can be initiated on the dips while the existing one can be held by trailing the stop loss to Rs 770.

Wipro – Negative
On 20th March, the stock violated its long-term support zone of Rs 370 and slipped to a fresh 2-year low. The stock is trading below its short-term as well as medium-term moving averages and also, and its key technical indicators are negatively poised.

This could drag the stock towards Rs 350 initially and Rs 300 subsequently. On the higher side, the stock may face a hurdle around Rs 390, where its cluster of moving averages is placed.

Cholamandalam Investment – Positive
After a higher level of reversal, the stock took support around its 100-day SMA and also, its upper band of the prior positive gap (Rs730) and bounced subsequently.

Currently, the stock is positively poised above its key moving averages on the daily chart. The key technical indicators are in favour of the bulls on medium-term as well as short-term timeframe charts.

This could lead the stock towards its prior swing high initially and its lifetime high subsequently, which are placed at Rs 803 and Rs 818, respectively.

On the lower side, its band of the long-term moving average will continue to work as a strong support point.

A long position can be initiated in the range of Rs 764-756 for the target of Rs 818 and stop loss of Rs 719.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)