Big movers on D-Street: What investors should do with Kotak Bank, Solar Industries, and Max Health
equity indices Sensex and Nifty hit fresh lifetime highs before closing flat, as profit-taking in select banking and telecom shares occurred amid mixed global cues on Tuesday.
Stocks in focus included Solar Industries, which rose 8.23%; Kotak Bank, which fell 2.49%; and Max Health, whose shares declined 4.46% on Wednesday.
Viral Chheda, Senior Technical Analyst at SSJ Finance and Securities, offers recommendations to investors on these stocks when the market resumes trading today.
Solar Industries
After trading in the range of Rs 6,000-7,400 for two months, the price has broken out on the upside, reaching an all-time high of approximately Rs 11,190. Volumes increased significantly as bullish sentiment drove the price.
It is advisable to refrain from buying at current levels and instead consider purchasing on dips around Rs 10,400-10,000. The Stochastic Oscillator also indicates an overbought condition, reinforcing the suggestion to avoid current purchases. A buy strategy can be implemented with additional purchases at Rs 10,000, setting a stop-loss at Rs 9,500 on a weekly closing basis. The upside potential is projected towards Rs 12,000-13,000 over the next 10-12 months.
Kotak Bank
After hitting a low of around Rs 1,543 in May 2024, Kotak's share price experienced a sharp upside movement, reaching a high of Rs 1,848. This represents nearly a 20% return from its previous low, driven by strong buying activity prevailing over bearish sentiment.
A 'Higher Top Higher Bottom' pattern has emerged, but after
