Stocks that were in focus include names like Shriram Finance, which rose 0.44% and BEL, which declined 3.2% and RITES, whose shares rose 0.6% on Wednesday.
Here’s what Viral Chheda, Sr Analyst at SSJ Finance & Securities, recommends investors should do with these stocks when the market resumes trading today.
Tata MotorsTata Motors is currently trading around Rs 613, which is close to a crucial support zone. The stock has shown strong price action in recent months, and this level has historically acted as a demand zone, offering a good base for potential rebounds.
If the broader market sentiment remains stable, a bounce from this support could take the stock higher towards its recent highs. Investors may consider this as a good accumulation level with a tight stop loss below the support zone.
RILReliance Industries (RIL) is hovering near Rs 1204, which is a key support area both technically and psychologically. The stock has been under some pressure lately, but it has managed to hold above this level multiple times in the past.As long as RIL sustains above Rs 1200, it holds potential for a short-term recovery. A positive price action or a reversal candle near this zone could trigger fresh buying interest.ZomatoZomato, trading at a current market price of Rs 210, is also near a strong support level. The stock has seen a healthy correction after a sharp rally, and Rs 208–210 has acted as a support area during previous pullbacks. With overall sentiment in the new-age tech space showing signs of stability, Zomato may find buying interest at these levels.
A bounce from here could push the stock back towards its recent swing highs, making it a favorable zone for short-term traders with a defined stop loss.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
