Big movers on D-Street: What should investors do with Mahindra Logistics, NDTV and Vodafone Idea?
Sensex and Nifty plunged nearly 1% on Wednesday due to heavy selling in financial and IT shares as the ongoing tensions in the Middle East unnerved investors.
Stocks that were in focus included names like Mahindra Logistics, which fell 1.94%, NDTV, which declined 2.38%, and Vodafone Idea, whose shares declined 0.91% on Wednesday.
Here's what Riyank Arora, Technical Analyst at Mehta Equities, recommends investors should do with these stocks when the market resumes trading today.
Mahindra Logistics — Buy
The stock has touched a significant support level of 350 in today's session. Looking at the overall structure on daily charts, Mahindra Logistics might experience a pull-back rally towards 380-390 if the level of 350 is well maintained.
A break below 350, however, could extend losses towards 320 and 300.
NDTV — Sell on rise
The stock has broken below a crucial support level of 205. The next support is likely to be around 175 and 165 levels.
The trend continues to favor selling on rallies, with sentiment being negative for NDTV. On any pullback, the stock is expected to face resistance in the price range of 200-205.
Vodafone Idea — Neutral
The stock is currently trading at a very important anchor-VWAP support of 10.50.
A break below the 10 level would be considered an immediate bearish sign for the stock. However, as long as the stock remains above 10, we can anticipate a revisiting of 11.50 and 12.00 for Vodafone Idea.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
