Big movers on D-Street: What should investors do with ICICI Bank, Adani Power and RIL?
Sensex and Nifty fell by nearly 1% on Thursday due to unabated foreign capital outflows amid a largely negative trend in global markets.
Stocks that were in focus included names like ICICI Bank, which fell 0.037%, Adani Power, which declined 0.37%, and RIL, whose shares dropped 1.26% on Thursday.
Here's what Avdhut Bagkar, Technical Analyst at StoxBox, recommends investors should do with these stocks when the market resumes trading today.
ICICI Bank — Cautious
Following a breakdown below the 50-simple moving average (SMA) set at 969, the price action has accelerated weakness on the downside bias. The next support exists at 910, it's 200-SMA.
The current sentiment is vulnerable to more bearishness.
Stability over 960 could recoup the losing bias.
Adani Power — Buy
While the present bullish trend is confronting a minor hurdle at the 400 mark, the bias remains highly optimistic until the support of 350 is decisively negated.
The stock is witnessing robust sentiment in its oversold territory. A breakout over 425 could take this counter to the 450 level.
Reliance Industries Ltd — Neutral
Reliance Industries shares must scale over 2,375 to embark on the bullish bias.
Until that happens, 200-SMA placed at 2,286 serves as a key support.
The overall trend remains range bound within 2,600 to 2,000 levels. A breakdown underneath 2,250 could derail the reversal trend, causing the counter to drop further.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own.
