Substantial Removalists on D-St, What should Investors do with Tata Motors, L&T, and Indian Hotels?
What should Investors do with Tata Motors, L&T and Indian Hotels?
Logline:
As in old days, after such a gap-up surge, the stock did not see a big follow-up move and instead gradually declined to close the positive gap. The major technical indicators tested the overbought area and may retrace downhill in the absence of a fresh move.
On Monday, Indian markets closed in the black for the sixth day in a row, but the gains were modest. The S&P BSE Sensex gained slightly more than 13 points to conclude at 59,845 while the Nifty50 gained 24 points to finish at 17,624.
Sector-wise, purchasing was observed in the auto, IT, metal, real estate, and oil & gas industries, while selling pressure was apparent in the banking, financial services, and FMCG industries.
The Indian Hotels Company Technology and Larsen & Toubro, both of which reached new 52-week highs on Monday, as well as Tata Motors, which gained more than 5%, were among the stocks that attracted attention.
As the market starts trading today, the following is what Jatin Gohil, Technical & Derivatives Research Analyst at Reliance Securities Ltd, advises traders to do with these stocks:
Prudence regarding Tata Motors:
On April 10th, following a gap-up opening amid good news flow, the stock continued to rise. The stock reversed from its seven-month high and formed a larger tail shape on the uptrend.
“As a result, we are wary about making a short-term long trade.”
L&T Investors on falls:
The stock decisively smashed its previous swing high of Rs 2,298 and increased to a new lifetime-high of Rs 2,320, maintaining its earlier daily rising pattern.
Owing to the stock’s continuous climb, the near-term time frame chart’s key technical indicators tested the overbought region. According to the current configuration, the stock may see a short-term dip towards the Rs 2,260-2,240 range before making a new upward advance.
“So, a new long trade can be started on falls with a potential climb to Rs 2,350 initially and Rs 2,400 afterwards.”
Buy L&T on dips; buy Indian Hotels:
In late January of 23 the stock retraced 50% of the preceding upward movement (Rs 207-348). It continued moving north after receiving support from its 50-week EMA, which had an upward slope.
The stock saw a breakout from the continuation pattern-Bullish flag in late February 23 and subsequently maintained above the upper band of the flag.
“The outcome of an upward movement will be ruled out if the stock violates its upper band of the flag (290 rupees).”
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