Stocks that were in focus include names like RBL Bank, which rose 7.21%, Piramal Enterprises, which gained 7.67%, and L&T, whose shares rose 3.56% on Wednesday.
Here’s what Riches Vanara, Technical And Derivatives Analyst at StoxBox, recommends investors should do with these stocks when the market resumes trading today:
RBL Bank – Buy
After breaking out of the symmetrical triangle pattern in the month of June-23, the stock has been consolidating near the breakout zone. It witnessed sharp price momentum in the month of July.
Relative strength in comparison to Nifty-50 is also improving with price action.
Hence, we feel the stock is still trading with good momentum and more heat is left to move up towards the targets of 255 and 272. The immediate support for the stock will come near 233 and 225.
Piramal Enterprises – Buy
The stock successfully broke out of the descending channel pattern and ran up throughout July. The prior week candlestick pattern is a small range doji candle and this week we have seen good buying interest in the stock.
The momentum indicator MACD has crossed above its zero and is trading comfortably in the bull area, which compliments the price action.
We feel it’s a buy call for targets of 1140 and 1200. The demand zone for the stock will come near 1060 and 1040.
L&T – Buy
On the daily charts, the stock has witnessed new life highs with high volume candle.
The stock opened gap up and traded well above its previous day’s high throughout the day. Momentum indicator MACD trading in a bull zone and supportive volume will lead the stock towards targets of 2745 and 2860 with support around 2600 and 2550 zone.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
