Actions who were the center of attention included names like Zomatodown 3.03%, Hudcowhich jumped 12.19%, and Canara Bankwhose shares gained 1.7% on Thursday.
Here’s what Riyank Arora, technical analyst at Mehta Equities, recommends investors should do with these stocks when the market resumes trading today.
Zomato – Bullish
The stock pulls back and retests its anchor VWAP support zone of 119-121. With the overall trend being positive and the stock making new highs with each new rally, this appears to be a good risk/reward opportunity at current levels, with a stop loss of 119 on a daily closing basis for potential targets of 135 and at -top of.
Hudco – Bullish
The stock made a strong breakout on its monthly charts, and with the price trading above its all-time highs, the overall trend appears to be extremely positive. Any pullback towards the 120-125 area should provide a good buying opportunity for potential targets of 150 and above in the near term.
Canara Bank – Bullish
The stock is moving in an uptrend, consistently hitting higher highs and higher lows. With the VWAP anchor placed around the 430 to 435 areas, any pullback should provide a good buying opportunity for potential targets of 455 and above, with a stop loss placed below the 425 mark.
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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
