Big Movers on D Street: What should investors do with Amara Raja Batteries, Happiest Minds and LTIMindtree?
Stocks that were in focus include names like Amara Raja Batteries, which fell over 6%, Happiest Minds, whose shares declined 6.17%, and LTIMindtree, which also dropped 2.63% on Tuesday.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:Amara Raja Batteries — Buy on Dips After making multiple bottoms around Rs 546 in March 2023, the price witnessed a bull run to make a 52-week high at 709 odd levels. Buyers had the upper hand against the bears as we can see the formation of a Higher Top Higher Bottom pattern.
In the last 12-15 days, price has been moving in the range of 674-8709 and with relatively high volumes. The price has breached the distribution phase and closed below the lower level of range, signalling further downside.
Price is currently trading below its 20 EMA and 40 EMA of 670 and 653, indicating the bears would play a major role at the current level. It can test the support of the upward-moving trend line around 600 and from there, the rebound can be seen to retest its previous high of 709 odd level.
Once the 709 level is taken out, we can see further upside till 780 to 850 odd levels. Hence, one can buy at dips of 620 and more at a further downside level of 580 with an SL of 540 on a weekly closing basis and on the upside, we can see a level of 750 to 850 in the next 10-12 months.Happiest Minds — Sell On the daily charts, after making a bottom around 760 in March 2023, the price has given a sharp upside rally to make a high around 1020 odd levels.
Bulls have the upper hand as the stock has formed a Higher Top Higher Bottom pattern. At a higher level, the price is moving in the range of 945-1020
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