Big movers on D-Street: What should investors do with HCL Tech, Delta Corp and Manappuram Finance?
Sensex settled 271 points higher at 71,657 and the Nifty advanced 73 points to 21,618.
Stocks that were in focus included names like HCL Tech, which rose 2.03%, Delta Corp, which jumped 2.9%, and Manappuram, whose shares declined 4.8% 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.
HCL Tech (Bullish)
The stock has successfully formed a W pattern on its daily charts. Any pullback towards 1480-1485 should be a good buying opportunity for the stock, with a stop loss placed below the 1465 mark.
There is a small resistance on the stock around the 1510 levels, which, if broken, would likely lead to an upside towards 1550 and above.
Delta Corp (Bullish)
The stock is moving in a parallel channel, with its immediate resistance at the 160 mark and the immediate support at the 140 mark. Any breakout above 160 should be a positive sign for the stock, unlocking potential upside towards 172 and above.
Manappuram Finance (Bullish)
The stock has touched its trendline on the daily charts.
There is a major support at 163, which, if broken, could push the downside further. However, if this support is held, higher levels of 180 and 182 might be seen in 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)
