Big movers on D-Street: What should investors do with Strides Pharma, Tata Steel and Sun TV?
Sensex fell 78 points to settle at 65,945, while the broader Nifty dropped 9.85 points to end at 19,664.
Stocks that were in focus included names like Strides Pharma, which fell 1.84%, Tata Steel, which rose 1.22%, and Sun TV, whose shares declined 1.28% on Tuesday.
Here's what Viral Chheda, Sr Technical Analyst at SSJ Finance & Securities, recommends investors should do with these stocks when the market resumes trading today.
Strides Pharma — Buy
After consolidating in the range of 410-480 levels for th2 months from July 2023 price breached the consolidation range at 480 and gave a upside rally to make the 21 months highs of 522 odd levels.
From the high price witnessed some correction and made a low around range high of 480 and with relatively high volume price gave some pull back to make news high of 550 odd levels. Stock looks good at current price as the volumes are on rise also price is trading above all three major averages and trading at 21 months higher level.
The Stochastics Oscillator is also moving in an upward trend along with an increase in volume indicating further upside from here.
One can buy at current level and more at dips of 500 with SL of 470 on weekly closing basis and upside can see a level of 650 to 700 in next 6-8 months.
Tata Steel — Buy on dips
After making lows around 98 odd levels in Mar 2023, price has given a sharp upside rally to make the two years high of 135. Volumes were on rise as Bull were having the upper hand on Bears and taking the price on higher levels.
At higher level, price moved sideways in the range of 128-135 levels and with high volume price breached the distribution phase and closed at lower level of 127 indicating some further downside.
