Stocks Technical Analysis

Given the current market volatility, auto stocks seem to be a better bet for long side trades. Select stocks like M&M and TVS Motor can rally up to another 12 per cent.

Select sugar stocks like Balrampur Chini, Dwarikesh Sugar and Renuka had jumped up to 6-fold post the Covid-19 decline; However, off late the stocks have corrected sharply post export limitations.

Crisil, Hindustan Aeronautics, MRPL, ITC, and Welspun Corp have logged smart gains despite the broader market weakness.

The technical analyst from HDFC Securities recommends buying Transport Corporation of India basis charts

According to the current chart structures, shares of OMCs needs to hold their relevant support levels to stay afloat.

Charts of steel stocks signal further downside, indicating a fall up to 20 per cent in select shares; cement counters indicate a wait-and-watch approach

According to the technical analyst, ITC has given a confirm breakout above Rs 272, hence the stock can potentially rise to Rs 290.

According to technical analyst from HDFC Securities, Chalet Hotels is trying to find support at 50 days EMA, whereas, UTI AMC has formed a bullish 'hammer' candlestick pattern on the chart.

The Nifty Auto index is slowly inching towards 200-DMA; above which the index can gain up to 4 per cent.

Watch out for these key levels on SBI and Bank of Baroda, while Tech Mahindra and DMart can be avoided for now.

Adani Enterprises can rally up to 14 per cent; whereas ACC, and Ambuja Cements can gain another 10 per cent each, indicate charts

Among the losing pack, Solara Active Pharma Sciences has slumped 75 per cent, while Aarti Drugs, MCX India and Tata Communications are other major laggards

The stock has declined more than 50 per cent from its 52-week high touched in December 2021; Charts indicate the best way to approach the stock is to stay on the sidelines for now.

The technical analyst from HDFC Securities sees the next major support for the Nifty at 15,700-level.

The metal index on the NSE has tumbled 14 per cent so far from its historic peak and continues to drift lower

According to the technical analyst from Anand Rathi, one can accumulate Axis Bank in the range of Rs 663 - 657 with a stop at Rs 630.

Market participants should avoid bottom fishing at the these counters and wait for a fresh trend to emerge.

In 2007, Tata Steel skyrocketed from Rs 100 to Rs 700 in less than four years; Similarly, since 2020 the stock price grew seven-fold to a high of Rs 1,534.50.

According to the technical analyst from Anand Rathi, IndusInd Bank has managed to break out from its four-month consolidation range, and can now rally towards Rs 1,070.

According to the technical analyst from Anand Rathi, Hindalco has found support around its 200-DEMA, and seems poised for a potential reversal in the short-term.