Big movers on D-Street: What should investors do with IRFC, IRCTC and Raymond?
Sensex tanked nearly 942 points to settle at a three-month low while Nifty crashed below 24,000 on Monday dragged down by heavy selling in Reliance Industries and banking shares.
Stocks that were in focus include names like IRCTC, which fell 2.01%, IRFC, which was down 3.26%, and Raymond, whose shares jumped nearly 2% on Monday.
Here's what Ameya Ranadive CMT CFTe, Sr Technical Analyst, StoxBox, recommends investors should do with these stocks when the market resumes trading today.
1. IRCTC
IRCTC is trading at Rs 816, currently at a pivotal price range of Rs 825-800, which has proven to be a crucial support zone. The stock has faced a steep decline of around 30% from its peak, setting it at a multi-month low. Market sentiment around IRCTC remains cautious as it moves within a downward-sloping channel, indicating waning momentum. The stock is currently trading below its 20, 50, 100, and 200-day Exponential Moving Averages (EMAs), which reflects its ongoing bearish trajectory.
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