Big movers on D-Street: What should investors do with Britannia, JK Tyre and Minda Corp?
Sensex jumped 489 points to settle at 64,080, while the broader Nifty climbed 144 points to end at 19,133.
Stocks that were in focus included names like Britannia, which gained 3%, Tata Motors, which jumped 9.77%, and Minda Corp, whose shares declined 0.37% on Thursday.
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.
Britannia — Buy
In the daily chart after making an all time high around 5270 in July 2023, price has witnessed some profit booking to make the low of 4400 odd levels. Volumes were on rise as sellers were having upper hand on price to take it down.
From August 2023 to till date, the price is currently moving in range of 4400-4635 odd levels and in the current week after taking support around 4400, today with relatively high volume price has given some pull back and closing around 4500 we can see an upside rally.
Once the range is taken over above 4635 we can see a sharp up move till 5000-5300 odd levels.
The Stochastics Oscillator is also moving in an upward trend along with the marginal increase in volume indicating further upside from here. Hence one can buy at current levels and more at dips of 4220 with SL of 4340 on weekly closing basis and upside can be seen till 5000-5300 in next 6-8 months.
Jk Tyre — Buy
After consolidating in the range of 245-290 levels in the month of Aug 2023 price has given a sharp upside rally to make an all time high of 344 odd levels.
Volumes were on rise as buyers were having control on price to take it to the new highs.
