Big movers on D-Street: What should investors do with NIIT, PNB and Aarti Drugs?
Stocks that were in focus included names like NIIT, which rose 20%, PNB, which gained 8.5%, and Aarti Drugs, whose shares jumped 3% on Wednesday.
Here's what Riches Vanara, Technical And Derivatives Analyst at StoxBox, recommends investors should do with these stocks when the market resumes trading today.
NIIT — Buy
The stock broke out of an ascending channel pattern and we have seen a stupendous move of 70% in the current week.
On weekly charts we may see some pullback in price but a fresh high on the relative strength chart in comparison to nifty-50 and 14 period RSI depicting new highs for the stock in coming days.
Hence we reckon buy rating for targets of 145 and 150 with stop below 130.
PNB — Buy
After breaking out of the symmetrical triangle pattern on the daily chart. Stock formed a darvas box and we have seen clean breakout from the same with higher than average volumes.
New high on the relative strength chart in comparison to nifty-50 and 14 period RSI compliments the price action.
We recommend buying for targets of 75 and 79 with stop loss below 67.
Aarti Drugs — Buy
Stock has reversed taking support at 38.2% retracement level taken from its life high to recent low. The structure of the daily time frame suggests that bulls are in control and any dip towards lower levels will be a buy opportunity.
The 14 period RSI has also reversed taking support at 50 levels, which is a bullish sign.
We recommend buying for targets of 615 and 635 with stop loss below 580.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
