Big movers on D-Street: What should investors do with Tata Power, Shemaroo Entertainment and Landmark Cars?
Stocks that were in focus included names like Tata Power, which rose 2.16%, Shemaroo Entertainment, which fell 5%, and Landmark Cars, whose shares jumped 12.53% 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.
Tata Power — Buy
The counter has recently experienced a breakout pattern on both the weekly and daily charts, showing significant technical strength.
The weekly chart revealed an inverse head and shoulders pattern with notable volume in the shoulders, while the daily chart exhibited a breakout from a cup and handle formation.
This overall structural setup remains appealing, particularly because the counter is currently trading above essential moving averages.
Additionally, the MACD (moving average convergence divergence) indicator is confirming this strength, and the momentum indicator RSI (relative strength index) is also in a positive position.
Looking ahead, the immediate obstacle for the counter stands at Rs 300. If it surpasses this level, there is potential for further upward movement, possibly exceeding Rs 300.
On the downside, it's important to recognize that Rs.
243 represents a robust demand zone, providing support in case of any correction.
Shemaroo Entertainment — Avoid
The counter is currently experiencing a downward trend, residing within a supply zone located around Rs 200. The overall structural condition appears to be distorted, primarily because it is trading below its vital moving averages.
Nonetheless, there is a significant demand zone near Rs 120.
In terms of potential price movements, the immediate obstacle can be found at Rs 180.
