cg power share price: Big Movers on D-St: What should investors do with Apollo Hospitals, CG power and TVS Motor Company?

The Indian market closed in the green for the second straight day on Tuesday. The S&P BSE Sensex rose almost 600 points while the Nifty50 closed above 17,800.

Sectorwise, purchases were seen in healthcare, consumer discretionary, auto, real estate and metals.

Stocks that were in focus included names like

The Nifty, which rose nearly 6 percent, was the top performer, jumping nearly 6 percent and , up over 5 percent to hit a new 52-week high on Tuesday.

Here’s what Viral Chheda, Technical Analyst, SSJ Finance & Securities recommends investors do in these stocks when the market trades again today:


Apollo Hospital: Buy

Looking at a longer term chart, we can see that after hitting multiple lows around Rs 1,280 in June 2020, the stock staged a strong upward rally to reach an all-time high of Rs 5,935 in November 2021.

From the highs of Rs 5,935, the price saw some selling pressure as it retreated nearly 55 per cent of the previous rally and hit an odd low of Rs 3,361.

For the last 17-21 weeks, the price has been range-moving, forming an ascending triangle pattern, taking support from any higher bottom and facing resistance from a triple top level around 4,500 rupees.

In the current week, the stock broke the pattern for further bullish rallies with relatively large volumes. The stochastic oscillator is moving in an uptrend along with a minor increase in volume, suggesting further upside.

Traders can buy the stock at this level for an upside target of Rs 5,200-5,500 in the next 6-8 months. We recommend buying at this level and above on dips to 4,350 rupees with a stop loss of 4,200 rupees on a weekly close basis.

On the upside we can see the level of Rs 5,200-550 in the next 6-8 months.

CG Power: Book profits
On the weekly chart, the stock started its upward movement from the lows of Rs.7.75 in June 2020 to an all-time high of Rs.255 in September 2022. The stock is forming a higher top and bottom pattern. The volumes are also quite high. The stock is currently trading at an all-time high with more upside in sight. stochastic assist.

The oscillator is trading in an overbought zone and it is not safe to enter at this level. Those who hold this stock can book some profit and track it up to the stop loss. For a new entry you can wait for a correction.

Hence we recommend traders to wait for some correction and buy on dips of Rs 205 with a stop loss of Rs 180 with a weekly close at lower levels of Rs 220 and above. On the upside, we can see levels of 280-330 rupees in the next 8-10 months.

TVS Motor: Book profits
On the weekly chart, we saw that the stock ranged between February and May 2022. The price has ranged from odd levels from Rs 495 to Rs 670. Volumes have been good during this tenure.

After breaking the upper range, the stock experienced a sharp uptrend when it hit an all-time high of Rs.1,088 in September 2022. It is currently trading at an all-time high with more upside in sight.

The stochastic oscillator is trading in an overbought zone and it is not safe to make a fresh entry at this level. Those who hold this stock can book some profit and track it up to the stop loss.

For a new entry you can wait for a correction. Hence, we recommend traders to wait and buy at lower levels of Rs 940 and up on dips of Rs 880 with a stop loss of Rs 840 on a weekly closing basis and on the upside we can see levels of Rs 1,200-1,350 over the next 8 -10 months.

(Disclaimer: Experts’ recommendations, suggestions, views and opinions are their own. These do not represent the views of Economic Times)

https://economictimes.indiatimes.com/markets/stocks/news/big-movers-on-d-st-what-should-investors-do-with-apollo-hospitals-cg-power-and-tvs-motor-company/articleshow/94339065.cms cg power share price: Big Movers on D-St: What should investors do with Apollo Hospitals, CG power and TVS Motor Company?

Russell Falcon

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