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Stocks that were in focus include names like Paytm, which rose 8% and Cipla, which rose 1.1% and Bajaj Finserv, whose shares declined 1.34% on Tuesday.
Here’s what Riyank Arora, Technical Analyst at Mehta Equities, recommends investors should do with these stocks when the market resumes trading today.
Paytm
Paytm is facing strong resistance at 770 and 800, with a breakout level at 728. If the stock moves above this level with high trading volume, it may go up further. Strong support is at 710, which should be used as a stop loss. If it crosses 770, it could rise toward 800.
Cipla
Cipla is showing signs of breaking out above 1500, with resistance at 1520 and 1540. The stock has strong support at 1450, which should act as a stop loss. If it stays above 1500, it may continue to rise. A move above 1540 could push the price even higher.
Bajaj Finserv
Bajaj Finserv is currently weak, and the chart suggests a negative trend, with possible downside levels at 1820-1800. The stop loss for short trades should be at 1910, as moving above this level could change the trend.
The stock is under selling pressure, and it may fall further if it does not hold above 1820. Traders should be careful, as the overall outlook remains bearish.
(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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