campus activewear: Big Movers on D-St: What should investors do with Cyient, Campus Activewear and Aarti Drugs?
Sectorally, selling was seen in realty, metals, energy and capital goods.
Stocks that were in focus include names like Cyient which was up more than 6%, Campus Activewear which fell over 8% and Aarti Drugs that rose 3% on Friday.
Here’s what Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd. at recommends investors should do with these stocks when the market resumes trading today:
Cyient Ltd: Buy
It is looking lucrative, as it is bouncing back from around a 50% retracement of the previous rally on the weekly chart.
On the longer timeframe, there was a breakout of double-bottom formation, which suggests much more potential upside in this counter while on the shorter time frame, it is travelling on a channel formation pattern.
The momentum indicator RSI is trading above the 50-mark with a positive bias, whereas MACD is witnessing a centerline crossover. On the upside, 1060 will be an immediate hurdle, but 1100 looks like an imminent target in the near term. On the downside, the 50-DMA of 930 is a strong support level.
Campus Activewear Ltd: Avoid
The counter has witnessed a breakdown of long consolidation and has also given a breakdown of the horizontal line around 360 levels. The overall structure is looking weak as it trades below its all-important moving averages.
On the upside, 360 has become an immediate resistance area. On the downside, if it breaks the 320 level, then 300 is the next support level.
Aarti Drugs: Avoid
The counter is in a downward trend, but in the last few trading sessions, it has made an astute recovery from the 310–320 zone with strong volumes.
The overall structure is indecisive because it trades below its key moving averages (50, 100, and 200-SMA), but it has a demand zone around 310-320.
On the upside, 404 is an immediate susceptible area; above this, we can expect a run-up towards 420+ levels in the near term, while 365 is an immediate demand level.
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
