Big movers on D-Street: What should investors do with Delhivery, CG Power and IDBI Bank?

Equity indices eked out marginal gains to settle in the positive zone after a highly volatile trade on Wednesday. The 30-share BSE Sensex climbed 92 points to settle at 66,023, while the Nifty edged higher by 28 points to end at 19,811.

Stocks that were in focus included names like Delhivery, which fell 4.15%, CG Power, which gained 20%, and IDBI Bank, which rose 3% on Wednesday.

Here’s what Riyank Arora, Technical Analyst at Mehta Equities, recommends investors should do with these stocks when the market resumes trading today.

Delhivery (Bearish)
The stock has experienced a breakdown below its critical support level of 395. This breach of the trendline suggests a potential decline towards the 375 and 360 marks in the coming weeks. The overall trend appears negative, with a sentiment to sell on any upward movement.

CG Power (Bullish)
The stock has given a strong breakout above its pivotal resistance level of 460, surging more than 20% during Wednesday’s trading session. Trading volumes witnessed a substantial increase, nearly six times the average volume over the past 10 days. This significant breakout, coupled with a sharp rise in volumes, signals optimism for the stock and indicates a potential upward movement towards the 500 and 550 marks.

IDBI Bank (Bullish)
The stock is currently trading around its crucial support zone between 59 and 60. Given the favorable risk-reward ratio for a buy position, the trend appears bullish, with a suggested stop loss just below 58. Any pullback may lead the stock to revisit levels of 64 and 65 on the upside. Overall, the charts are indicating a positive outlook.

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