Shares that have been in focus embody names like ONGC, which rose 7.45%, PFC, which jumped 4.30%, and Tata Energy, whose shares declined 1.31% on Wednesday.
This is what Riyank Arora, Technical Analyst at Mehta Equities, recommends traders ought to do with these shares when the market resumes buying and selling in the present day.
ONGC
The inventory presently trades at 329, displaying optimistic momentum with help at 320 and resistance at 345. The general pattern is optimistic, with potential upside to 345-350 ranges.
It’s advisable to carry with a strict cease loss (SL), as current buying and selling volumes have been practically 2.5 occasions the common of the previous 30 days. The 14-day Relative Power Index (RSI) stands at 58, indicating average energy.
PFC
Buying and selling at 492, PFC has help at 470 and resistance at 525, with a sideways pattern. The inventory is anticipated to succeed in 520-525 ranges, and holding with a strict SL is really useful.The current volumes have been 1.5 occasions the common of the final 30 days. The 14-day RSI is at 40, reflecting a comparatively impartial momentum.
Tata Energy
At the moment priced at 430, Tata Energy exhibits a optimistic pattern with help at 414 and resistance at 455. Following robust outcomes, the inventory is anticipated to maneuver in the direction of the 450-455 vary.
Holding with a strict SL is suggested, with current volumes at 1.5 occasions the common of the previous 30 days. The 14-day RSI is 46, indicating secure momentum.
(Disclaimer: Suggestions, options, views and opinions given by the consultants are their very own. These don’t symbolize the views of Financial Instances)