The Indian market closed in the red for the third consecutive day on Wednesday. The S&P BSE Sensex fell by nearly 400 points while the Nifty50 closed below 16,000 levels.
Sectorally, buying was seen in healthcare, FMCG, metals, and the public sector, while selling was seen in power, utilities, oil & gas, and energy stocks.
Stocks that were in focus include
, which rose more than 1 per cent ahead of its June quarter results, closed with gains of nearly 10 per cent, and Dr Reddy’s Laboratories recorded a breakout from a falling channel on Wednesday.
Here’s what Akhilesh Jat, Category Manager – Equity Research, CapitalVia Global Research, recommends investors should do with these stocks when the market resumes trading today:
MindTree: Buy: 2,915 | Stop Loss Rs 2,840 | Target Rs 3,040
The share price of MindTree opened on a positive note and traded with positive sentiments throughout the sessions ahead of the first-quarter result.
Prices closed in the green for the second straight session on Wednesday. Earlier, the stock rebounded sharply from its key support zone and started trading in Higher Low formation.
The price action indicates that it could continue to rally, and there is an intermediate resistance placed at Rs 2,940. The stock is more likely to break above it. Such a break suggests that the stock price can run up towards Rs 3,040.
KEC International: Buy Rs 455 | Stop Loss Rs 440 | Target Rs 475
Shares price of rallied over 12 per cent and traded highest since March 2022. Prices breached their immediate resistance level with marginally higher volume suggesting that bullish momentum may carry on in the upcoming sessions as well.
Additionally, the stock has formed a bullish continuation pattern, Ascending Triangle on the daily chart and gave a breakout from the same.
Dr Reddys Laboratories: Buy Rs 4,540 | Stop Loss Rs 4,440 | Target Rs 4,670
The counter witnessed a breakout of its falling channel on the daily chart with marginally higher volume. The stock has also given the breakout of its important resistance level and is sustaining near its six months high.
Prices traded above all its important moving averages and momentum oscillators RSI head upwards and stood at 64, which shows strength.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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