Big movers on D-Street: What should investors do with Campus Activewear, Devyani International and Hindalco?
Sensex settled 434 lower at 72,623 and the broader Nifty also paired all its intraday gains before closing 141.9 points down at 22,055.
Stocks that were in focus included names like Campus Activewear, which rose 3.24%, Devyani International, which increased 1.24%, and Hindalco, whose shares closed flat 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.
Campus Activewear
The stock has faced significant resistance at the 265 — 267 mark and witnessed profit booking towards the closing. The overall trend continues to be down, with the stock facing multiple resistances at higher levels indicating a potential push towards the 235 levels in the future.
Devyani International
The stock is now approaching a crucial resistance range of 175 to 177 on its daily charts, and it is expected to encounter strong resistance in this zone. The overall trend remains bearish, with the stock forming lower highs and lower lows, suggesting a potential continuation of the downtrend towards around 150 levels.
Hindalco
The stock experienced a notable breakdown below its recent support level of 537, with the next support zone lying between 494 to 504. Overall, it is anticipated that the stock will trade within a range of 494 to 535 going forward and consolidate within this range.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
