Big movers on D-Street: What should investors do with ABFRL, Tata Consumer and HUL?
Equity indices Sensex and Nifty closed higher for the third session in a row on Tuesday, following gains in telecom, tech and consumer durable shares amid a firm trend in the global markets.
Stocks that were in focus included names like ABFRL, which rose 9.24%, Tata Consumer, which was flat, and HUL, whose shares increased 0.96% on Tuesday.
Here's what Viral Chheda, Sr Technical Analyst, SSJ Finance & Securities, recommends investors should do with these stocks when the market resumes trading today.
ABFRL
After making low around 198 in Mar 2024, price has given a sharp upside move to make the 52 week high of 273. Price has given almost 35% returned from its lower level as buyers were having the upper hand over bears.
As the prices are at one year high we can see some profit booking and can see the price of anywhere between 220-230 odd levels. For long stock looks good and can be bought at every dip.
The Stochastics Oscillator is moving in the overbought zone indicating some correction from current level. Hence one can buy at dips of 230 and more at 210 with stop loss of 195 on weekly closing basis and upside can be seen till 320-370 in the 10-12 months.
Tata Consumer
In the weekly chart we have seen the stock has given a sharp upside move from its lower level of 682 to make an all time high of 1269 odd levels.
From highs price has witnessed some correction as it retraced almost 32% of previous rally to make a low of 1083. In the last 3-5 weeks price has moved in range of 1080-1160 and in the current week with
