Big Movers on D-St: What should investors do with ITC, IOC and Infosys?
The Indian markets closed in red for the second consecutive day on Thursday, tracking weak global cues. The SP BSE Sensex fell over 300 points, while the Nifty50 managed to hold on to 17,600 levels.Sectorally, buying was seen in FMCG, consumer durables, auto and utilities, while selling pressure was seen in banks, the public sector, and the energy space.Stocks that were in focus included names like ITC, which rose more than 1 per cent to hit a fresh 52-week high, Infosys, which hit a 52-week low, and IOC, that also fell about 1 per cent to hit a fresh 52-week low.Here''s what Amol Athawale, Deputy Vice President - Technical Research, Kotak Securities, recommends investors should do with these stocks when the market resumes trading today:Infosys: AvoidThe stock has corrected by nearly 8 per cent so far in September. On daily and weekly charts, it is consistently forming lower top formations. The short-term texture of the stock is weak but is also in an oversold state. As long as Infosys is trading below Rs 1,415, the correction wave is likely to continue.A close below Rs 1,451 could take the stock towards Rs 1,350-1315 levels.
Big Movers on D-St: What should investors do with ITC, IOC and Infosys?
The Indian markets closed in red for the second consecutive day on Thursday, tracking weak global cues. The SP BSE Sensex fell over 300 points, while the Nifty50 managed to hold on to 17,600 levels.Sectorally, buying was seen in FMCG, consumer durables, auto and utilities, while selling pressure was seen in banks, the public sector, and the energy space.Stocks that were in focus included names like ITC, which rose more than 1 per cent to hit a fresh 52-week high, Infosys, which hit a 52-week low, and IOC, that also fell about 1 per cent to hit a fresh 52-week low.Here''s what Amol Athawale, Deputy Vice President - Technical Research, Kotak Securities, recommends investors should do with these stocks when the market resumes trading today:Infosys: AvoidThe stock has corrected by nearly 8 per cent so far in September. On daily and weekly charts, it is consistently forming lower top formations. The short-term texture of the stock is weak but is also in an oversold state. As long as Infosys is trading below Rs 1,415, the correction wave is likely to continue.A close below Rs 1,451 could take the stock towards Rs 1,350-1315 levels.