Big Movers on D-Street: What should investors do with Motilal Oswal, Zomato and IEX?
Stocks that were in focus include names like Zomato, which rose 2.12%, IEX, which gained 2.13%, and Motilal Oswal, whose shares jumped 0.22% on Friday.Here's what Pravesh Gour, Senior Technical Analyst at Swastika Investmart, recommends investors should do with these stocks when the market resumes trading today:Zomato — BuyThe counter is bottoming out and has also witnessed a breakout of a double-bottom formation on the weekly chart. It has formed a base at around Rs 45 and confirmed its breakout above Rs 76. The overall structure also looks lucrative for long-term investors as it trades above all-important moving averages.
On the upside, Rs 90 is the psychological resistance level; above this, we can expect a rally towards Rs 100. On the downside, Rs 70 is an important support level during any correction.IEX — AvoidThe counter is in a downward trend, but in the last few trading sessions, it has given a massive downfall with strong volume. The overall structure is distorted as it trades below its all-important moving averages.
On the upside, 135 is an immediate susceptible area; above this, we can expect a run-up towards 140+ levels in the near term, while 110 is an immediate demand level.Motilal Oswal — BuyThe counter has experienced a breakout of an Inverse Head and Shoulders formation with strong volume. The structure of the counter looks impressive, as it is trading above all its important moving averages. MACD (moving average convergence divergence) is supporting the current strength, whereas the momentum indicator RSI (relative strength index) is also positively poised.
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