Big Movers on D-St: What should investors do with Infosys, HDFC Bank and Avenue Supermarts?

Indian markets pared intraday gains on Friday to close over 1 percent higher. The S&P BSE Sensex rose nearly 700 points while the Nifty50 closed just below 17,200.

Sector-wise, purchases were seen in IT, banks, capital goods and consumer discretionary, while sales were seen in energy, utilities, oil & gas and power.

Stocks that were in focus included names like

which was up almost 4 percent, which was up over 3 percent ahead of September’s quarterly results, while ending flat ahead of Saturday’s Q2 results.

Here’s what Pravesh Gour, Senior Technical Analyst,

recommends investors to use these stocks when the market resumes trading today:

Infosys: Buy
The counter bottoms from the lower levels around Rs 1,350-1,380 on the longer time frame. It has been in the long consolidation phase for six months. The structure of the meter looks attractive for investment at these levels. Now begins the next leg of a rally where Rs 1,600-1,650 is an immediate resistance level.

A close above the mentioned levels can take the stock towards Rs 1,800+ in the long term. On the upside, Rs 1,300 will act as a strong support. The momentum indicator is also positive.

HDFC Bank: Buy
The counter saw a double bottom formation indicating a trend reversal and momentum reversal from the previous leading price action. The overall structure is looking lucrative as it trades above its all-important moving averages.

MACD (Moving Average Convergence Divergence) has supported recent strength, while momentum indicator RSI (Relative Strength Index) is also bullish.

On the high side, Rs 1,470-1,480 is the cut and an immediate hurdle. A close above this level can take the stock towards Rs 1,550. On the upside, Rs 1,350 is a strong demand zone on any pullback.

(DMart): Avoid
The counter is forming a bearish head and shoulders pattern on the daily chart while Rs 4,200 is likely to serve as immediate neckline support for the lower level; Below this level, Rs 4,050 is the next key support level.

On the upside, a cluster of moving averages around Rs 4,400 will act as strong resistance. A close above could take the stock towards Rs 4,600 which will be the next upper limit for the investor.

(Disclaimer: Experts’ recommendations, suggestions, views and opinions are their own. These do not represent the views of Economic Times) Big Movers on D-St: What should investors do with Infosys, HDFC Bank and Avenue Supermarts?

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