Big Movers on D-Street: What should investors do with Hindalco, Dixon and Inox Wind?

economictimes.indiatimes.com:

Stocks that were in focus include names like Hindalco, which fell 2.12%, Dixon, which rose 3.6%, and Inox Wind, whose shares jumped 8.40% on Tuesday.Here's what Amol Athawale, Vice-President — Technical Research at Kotak Securities, recommends investors should do with these stocks when the market resumes trading today:Hindalco — BuyOn daily and weekly charts, the stock is consistently holding higher high and higher low series formation, which is largely positive. Currently, the stock is comfortably trading above short-term averages and the texture of the chart suggests uptrend formation is likely to continue in the near future. For the trend-following traders now, 20-day SMA ( Simple Moving Average ) or 449 would act as a key support level.

Above this, the stock could move up to 475-485. On the flip side, below 449 traders may prefer to exit out from the trading long positions.Dixon — BuyIn this month so far, the stock has rallied over 15%. After a short-term correction, the stock took support near 20 and 50-day SMA (Simple Moving Average) and bounced back sharply.

Post reversal, it rallied over 15%. A strong price volume rally is indicating a further uptrend from the current levels. We are of the view that the short-term texture of the stock is bullish but due to temporary overbought conditions, we could see some profit booking at higher levels.

For the bulls, 4700-4650 could be the immediate support levels while 5000-5100 could act as crucial resistance areas. However, below 4650, the uptrend would be vulnerable.Inox Wind — Buy above 215Last Tuesday, it hit a fresh 52-week high of 228.40. In the quarter so far, the stock has rallied nearly 50%.