Big Movers on D Street: What should investors do with HDFC Bank, ITC and Samvardhana Motherson?

economictimes.indiatimes.com:

Stocks that were in focus include names like HDFC Bank, which was down 3%, Samvardhana Motherson, which rose 6.1% and ITC Bank, whose shares rallied nearly 2% on Wednesday.Here's what Vikas Jain, Senior Research Analyst at Reliance Securities, recommends investors should do with these stocks when the market resumes trading today:Samvardhana Motherson – Buy in declinesThe stock has been in a strong uptrend over the past few months, forming higher bottoms and higher tops to scale a new 52-week high. It is up 8% on back of acquisition news flow and near to the resistance of the 200-week average of 92 levels.

Any decline or retracement near to 82-85 levels would be a good entry point for a higher target of 105-110 levels over the next few months.HDFC Bank – Buy The stock scaled a new all-time high of 1757, surpassing its multi-year high of 1720 levels and witnessed a corrective retracement in after a 10% up move over the past 2 weeks. The key technical indicators are in favor of the bulls on the long-term as well as the short-term timeframe charts.

The stock will explore uncharted territory after a wide range breakout which could take it towards Rs1,900-2000, zone. In case of any decline, the stock may find support around Rs 1640-1660 levels being the band of averages.ITC – Hold Since March 2022, the stock has been in a strong up-trend and approached its life-time-high of 482.

The stock is holding its band of short and medium term averages and moving higher consistently scaling new all-time high m-o-m outperforming the overall markets. One can continue to hold the stock for a higher target of 510-520 levels being the monthly pivot levels.