Big Movers on D-Street: What should investors do with Adani Ports, TCS, and PNB?
The Sensex and Nifty 50 finished 0.7% down at 65512.39 points and 19512.35 points, respectively.
Among the big movers in the market on Monday were Adani Ports and Special Economic Zone, Punjab National Bank, Tata Consultancy Services, and Oil India.
Here’s what Avdhut Bagkar, Technical and Derivatives analyst, Stoxbox, recommends investors to do with these stocks when the market resumes trading on Tuesday.
Adani Ports and Special Economic Zone
The stock has violated the 50-simple moving average (SMA), beckoning a downward tendency that may find next support at Rs 771, its 100-SMA. However, if the stock fails to display recovery, then the immediate trend may be engulfed with a negative bias. To regain the upside bias, the stock must cross and withstand over Rs 850-level.
Punjab National Bank
The inability of the stock to maintain a bullish bias over the Rs 80-mark has pulled it down towards Rs 68, its 50-SMA. The immediate trend may be undergoing a sell-off, but the medium-term outlook continues to hold a bullish stance. Unless the support of Rs 60 is nullified, the counter shall see accumulation on its respective support levels.
Tata Consultancy Services
Following a new 52-week high, the stock has opened doors for the next upward rally. Stability over Rs 3,600 mark can trigger further accumulation and a move towards the Rs 4,000-mark. Support for the optimistic sentiment exists at Rs 3,480 level.
The price action rising above the consolidation range of Rs 3,550 to 3,000, survived between June 2022 to September 2023 is revealing a gradual breakout.
Oil India
A new historic peak on Monday has sparked fresh positive sentiment, proposing a move in the direction of Rs 340. This prejudice moves with the support of Rs
