Big movers on D-Street: What should investors do with Aurobindo Pharma, Tanla Platforms and IDBI Bank?
Stocks that were in focus include names like Aurobindo Pharma, which soared 3.67%, Tanla Platforms, which gained 5.69%, and IDBI Bank, whose shares Jumped 6.79% on Monday.
Here's what Kushal Gandhi, Technical Analyst at StoxBox, recommends investors should do with these stocks when the market resumes trading today.
Aurobindo Pharma
The recent price action of Auro Pharma indicates strong leadership within its sector. The stock has reached all-time highs and experienced a substantial increase of nearly 20% over the last 12 trading sessions.
However, the daily RSI has entered the overbought zone, and the price is trading 9.5% above the mean, suggesting a potential for profit booking. As a result, we advise against purchasing Auro Pharma at its current high market price.
Tanla Platforms
After rising more than 5,500%, the stock price of Tanla Platforms experienced some profit-taking and dropped by over 70%. Recently, the price has stabilized after the correction and is trading sideways, potentially showing bullish strength.
Although the relative strength has underperformed, the stock has been seeing improvements in its EPS strength and attracting buyers.
The price is currently close to its 50-week moving average, presenting a low-risk and potentially high-reward opportunity for a new long entry with a target price of 1245 and a stop loss at 918.
IDBI Bank
The analysis of the daily price movement of IDBI reveals that it is currently trading within a descending triangle pattern. The area around the 76 levels
