Sectorally, selling was seen in utilities, power, banks, telecom, and the public sector.
Stocks that were in focus include names like
which was down more than 8%, which was up nearly 1%, and which was down more than 4% on Wednesday.
Here’s what Rameshver Dongre, Research Analyst – Equity Research at CapitalVia Global Research Ltd recommends investors should do with these stocks when the market resumes trading today:
Zomato: Watch out for Rs 51
Zomato is an Indian multinational restaurant aggregator and food delivery company founded by Deepinder Goyal and Pankaj Chaddah in 2008.
On the chart, it was having trouble maintaining above the 50 levels, but on Wednesday a breakdown happened, and it fell by about 8% in one day.
Its performance has been poor over the past year on the daily chart time frame. Also, the stock is trading below the 30 and 50-Day EMA.
On the higher side, the 51 level is crucial. If the stock closes above this level, then fresh buying can be considered. Until that point, it is in the negative region and may go even lower, down to the 41 level.
Stock prices of Biocon declined over 4% to hit a fresh 52-week low of 234.30 on Wednesday. The stock is trading in a Lower-High & Lower-Low formation.
Momentum oscillators RSI also continue its Lower Low formation and the MACD indicator sustains below zero levels with negative crossover suggesting more downside movement in the near term.
Bajaj Auto: Buy
Bajaj Auto Limited is an Indian multinational automotive manufacturing company based in Pune. It manufactures motorcycles, scooters, and auto rickshaws.
It is seeing buying from the support area, where it marked support of 3500 and is currently trading above 3700 levels.
On the daily chart, it is bullish, and its MACD histogram is above the zero line with a positive crossover, indicating that an upward movement is imminent in the near term. On the higher side, the 3820 level can be seen.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)