The S&P BSE Sensex fell more than 300 points while the Nifty50 closed below 17,000 on Wednesday.
Sectorally, buying was seen in utilities, power, metals, and consumer durable stocks while selling was visible in telecom, banks, realty and energy stocks.
Stocks that were in focus include names like Gujarat Pipavav Port which rose nearly 2% to hit a fresh 52-week high, Sun Pharma Advanced Research which tumbled over 5% to a fresh 52-week low and Hindalco which pared gains but closed in the green on Wednesday.
Here’s what Rameshver Dongre, Research Analyst – Equity Research at CapitalVia Global Research Ltd recommends investors should do with these stocks when the market resumes trading today:
Gujarat Pipavav: Buy on support
Gujarat Pipavav’s recent trend is bullish. It is trading close to its 52-week high, and it can continue moving upward because the MACD Histogram is above the zero line with a positive crossover on weekly charts.
Traders should use the “buy on support” strategy; the closest support is in the range of Rs 100-102. A bullish view will be valid as long as the price remains above Rs 89; on the higher side, Rs 125 and Rs 144 levels can be seen.SPARC: Avoid
On 15th March 2023, the share price of Sun Pharma Advanced Research Company tanked over 5% intraday. Stock prices extended their losing streak to the seventh consecutive session, their lowest since April 2021.
The momentum oscillator RSI is below the center line and the MACD indicator crossed the zero-line, which suggests further downside momentum in upcoming sessions.
Hindalco: Buy for long term
Hindalco fell almost 15% in February month, and the same trend seems to be continuing in March as well.
It has already broken the important support level of Rs 425 and is sustaining below it; it is also sustaining below the 61.8% Fibonacci level.
So, there can be further downside movement, and it can touch its next support level of Rs 380. Long-term investors can take a buy position near its next support level of Rs 380.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)