Sectorally, buys were seen in real estate, telecommunications, automobiles and IT stocks, while some bookings for gains were seen in energy, utilities and capital goods.
Stocks that received attention include names like siemens which rose more than 3%, jindal saw increased by almost 5% and torrent power it rose more than 10% on Wednesday.
Here's what Rameshver Dongre, Research Analyst - Equity Research at CapitalVia Global Research Ltd recommends investors do with these stocks when the market resumes trading today:
Siemens: Buy| Aim 3480 rupees
On the long-term chart, Siemens is trending up and the stock is trading at its 52-week high. The momentum oscillator RSI continues to make higher highs, which is a positive.
siemens stock price It is holding above the 50 and 200 EMAs, indicating that the momentum remains bullish. Traders can stay invested as long as it stays above the 3040 level. On the higher side, more than 3480 levels can be seen.
Jindal Saw: Buy | Target Rs 169-190
Jindal Saw manufactures SAW Pipes (Submerged Arc Welded Pipes) and spiral pipes for the power transport industry; carbon, alloy and seamless tubes and pipes for industrial applications; and ductile iron (DI) pipes and fittings for the transportation of water and wastewater.
After the December quarter result, the stock resumed its recovery and hit higher highs on the chart. Its MACD histogram is above the zero line with a positive crossover, indicating that a short-term upward move is ahead.
A bullish view should be maintained with a stop loss of 139 and for the targets of 169 and 190 levels on the upper side.
Torrent Power: Keep
Torrent Power shares soared 10.37% to Rs 504.40. The company reported strong quarterly profit for the month of December, with its consolidated net profit rising 88% from Rs 369.45 crore to Rs 694.54 crore year-on-year due to higher revenue.
Torrent power is one of the consistent stocks in terms of year-over-year performance, but since August 2022 we have seen a correction.
Now, after a strong increase, we must expect further sustainability. There is a resistance level at 520, if it breaks and sustains above it, then we can expect more of a move to it.
(Disclaimer: The recommendations, suggestions, views and opinions given by experts are my own. These do not represent the views of Economic Times)
