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Stocks that were in focus include names like Amara Raja, which fell 2.01% and Vodafone Idea, which declined 1.7% and Siemens, whose shares declined 1.7% on Wednesday.
Here’s what Riyank Arora, Technical Analyst at Mehta Equities, recommends investors should do with these stocks when the market resumes trading today.
Amara Raja (CMP: 1039, Sideways)
The stock is trading in a consolidation phase with no clear trend. RSI at 53 indicates neutral momentum, suggesting range-bound movement. Key support is around 1000, while resistance is near 1060. A breakout above 1060 could trigger fresh buying interest.
Vodafone Idea (CMP: 7.06, Sideways)
The stock remains under pressure with weak momentum as RSI is below 40. Sideways movement suggests accumulation, with key support at 6.80. A breakout above 7.50 may lead to a short-term upmove. Overall, wait for a trend confirmation before taking fresh positions.
Siemens (CMP: 5415, Bullish Strong)
The stock is in a strong uptrend with consistent bullish momentum. RSI at 59 indicates room for further upside with strong buying interest. Immediate resistance is at 5500, and a breakout can push towards 5650. Any dip towards 5300-5350 can be a buying opportunity.
(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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