Big movers on D-Street: What should investors do with Tata Investment, BSE and BEML?
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Stocks that were in focus include names like Tata Investment, which fell 5.19%, BSE, which declined 4.82%, and Cartrade Tech, which rose 7.55% on Tuesday.
Here’s what Viral Chheda, Sr Technical Analyst at SSJ Finance & Securities, recommends investors should do with these stocks when the market resumes trading today.
Tata Investment – Buy on dips
After consolidating in the range of 2880-3500 levels in the month of Oct 2023, in the current week price has given a sharp upside rally to make an all time high of 4736 odd levels.
Volumes were on top as buyers were having full control on price. As the stock has given almost 65% return from its lower level we can expect some profit booking from here. On a regular basis volumes are not up to mark, also most of the time prices move sideways and with less participation of bulls.
At current level price is overvalued and can see some profit booking till 3700-3500. Stock is good for the long term and can buy around lower levels of 3600 and on the higher side we can see new highs in near terms.
Price is also moving above all three major averages which is the positive sign for upside. The Stochastics Oscillator is also moving in an overbought zone and can witness downside from here.Hence one should avoid buying at current level and can buy at the lower level of 3700 more at dips of 3500 with SL of 3200 on weekly closing basis and upside can be seen till 4700-5300 in next 10-12 months.
BSE – Buy on dips
From the lows of 400 level made in Mar 2023 price has given an upside rally to make an all time high of 2475 odd levels. Stock has given almost 600% return in the span of 8 months and now from here we can see some profit booking. As the stock is highly overvalued we can see at least 20-30% correction from its higher levels.
We suggest to book partial profit around this level and can re enter once the price is around 1600-1800 odd levels. The Stochastics Oscillator is also moving in an overbought zone and can witness downside from here.
Hence one should book some profit at current level and can buy at the lower level of 1700 more at dips of 1500 with SL of 1150 on weekly closing basis and upside can be seen till 2500-3000 in next 10-12 months.
BEML – Buy
In the weekly chart after making multiple lows around 1150, price has given a sharp upside rally to make an all time high of 2714 odd levels. Volumes were on rise as buyers were having full control on price. From highs price witnessed some profit booking as it retraced almost 55% of previous rally to make the low of 1905 level.
In the current week with relatively high volume stock has given sharp pull back and moving above the resistance level of 2400, we can see stock to breach its previous highs and can make new highs. Stock is also taking support of 20 DMA and moving strongly upside. The Stochastics Oscillator is also moving in an upward trend along with the marginal increase in volume indicating further upside from here.
Hence one can buy at current levels and more at dips of 2100 with SL of 1800 on weekly closing basis and upside can be seen till 3200-3800 in next 10-12 months.
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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)
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