Sectorally, selling pressure was seen in oil & gas, consumer durables, energy, healthcare, and power stocks while some buying was seen in banks, metals, and realty stocks.
Stocks that were in action on Friday included names like which fell more than 6 per cent, which rose more than 6 per cent, and which fell more than 4 per cent to hit a fresh 52-week low.
Here’s what Pravesh Gaur, Sr. Technical Analyst, recommends investors should do with these stocks when the market resumes trading today:
Titan Company: Weak
The counter has witnessed a breakdown from the Head & Shoulder pattern formation on the longer timeframe charts.
The overall structure is distorted as it trades below the 100, 200-Days SMA moving averages, and the momentum indicators are also negatively poised.
On the downside, Rs 1,800 is the strong support level where we can expect a bounce-back while on the upside, the level of Rs 2,150 is likely to act as an immediate hurdle.
On the daily chart, the counter has formed a Bullish Engulfing formation. It is coming out from a long consolidation with strong volumes.
The pattern suggests an immediate target of Rs 2,100-plus, while it has the potential to move further upside. On the downside, Rs 1,700 will act as an immediate support level.
RSI (Relative Strength Index) and MACD (Moving average convergence divergence) are supporting the current strength.
Wipro: Stock Could see buying near Rs 400
The primary structure of the counter is continuously following the downtrend. The stock has broken neckline support with strong volumes at around Rs 440.
The stock is now trading below all its moving averages which is also a negative sign for the counter.
However, most of the momentum indicators are oversold and Rs 400 is a sacrosanct support level where we can expect a buying interest. On the upside, Rs 440-450 will act as immediate resistance zones.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)