Big movers on D-Street: What should investors do with Zomato, Aster DM Healthcare and Siemens?
Sensex rallied 727 points and Nifty closed above the 20,000 mark on Wednesday driven by buying in select heavyweights.
Stocks that were in focus included names like Zomato, which rose 3.43%, Aster DM Healthcare, which jumped 18.14%, and Siemens, whose shares increased 1.03% 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.
Zomato — Bullish
The stock has retested the breakout zone between 113 and 115, forming a bullish pin bar at its support.
With the overall structure looking positive and the stock consistently following a pattern of higher highs and higher lows, it appears poised to reach a target of 126 and 130, with a stop loss set at 110.
Aster DM Healthcare — Bullish
The stock has experienced a strong breakout above its significant resistance level at 371. Additionally, it has broken out above the upper band of its parallel channel, accompanied by a sharp spike in volumes.
The overall momentum appears highly favorable for an upward move towards 450 and 475, with a suggested stop loss just below 350.
Siemens — Bearish
The stock has touched a critical resistance level of 3675 in today's trading session.
Given that the immediate support is around 3475, the risk-reward ratio appears to favor a short position in Siemens.
Setting a tight stop loss at approximately 3700, potential targets could be around 3500 and 3475, indicating a bearish outlook for the stock.
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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
