sobha shares: Big movers on D-Street: What should investors do with Sobha, L&T Finance and Marico?

Benchmark indices continued their uptrend and scaled fresh peaks on Thursday. The 30-share Sensex jumped 538 points to hit its lifetime peak of 77,145 and the Nifty rallied 75 points to settle at a new closing high of 23,398.

Stocks that were in focus include names like Sobha, which rose 4.97%, L&T Finance, which gained 2.98%, and Marico, whose shares declined 2.94% on Thursday.

Here’s what Riyank Arora, Technical Analyst at Mehta Equities, recommends investors should do with these stocks when the market resumes trading today.

Sobha

With the RSI (14) on the monthly time frame around 85, the stock is showing slightly overbought conditions. On the daily time frame, the stock is continuously witnessing selling pressure at higher levels, facing wick rejections one after the other. It is suggested to focus on booking profits here and re-entering at lower levels around 1800 for the stock.

L&T Finance

Around 8.82 crore shares of L&T Finance Limited changed hands in a block deal on June 13. Technically, the stock touched its resistance mark of 179.00 on the daily time frame charts and is facing some selling pressure at higher levels.With immediate support near the 168-170 zone, it is expected that the stock will witness some profit booking and head towards this support zone. An immediate resistance is placed near the 180 level in the current situation.Marico
The stock is trading around its trendline support mark of 597 on its daily time frame charts. With immediate resistance near the 650-655 zone and the stock making higher highs and higher lows, it is expected that the stock should hold well above the 585.00 mark.

Traders are advised to maintain a strict stop loss at 585 for potential targets of 650 and 655.

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