The Indian market closed in the red for the second consecutive day on Tuesday following sluggish global cues. The S&P BSE Sensex was down over 150 points while the Nifty 50 closed below the 15,800 level.

In the sector, selling pressure was witnessed in energy, oil & gas, auto, finance and metal stocks, while buying was witnessed in realty, capital goods, power and utilities.

The stocks that were in focus included names like

Which was down about 6 percent, increased by more than 5 percent, and which rose about 5 percent on Monday



Viral Chheda, Technical Analyst at SAJ Finance & Securities shares what investors should do with these stocks when the market starts trading today:


HPCL: Sell in Rally
After making a 3-year high of Rs 354.8 in November 2021, the price has given a sharp selloff to trade around Rs 215 level. During this time the stock has formed a lower top lower bottom pattern.

From February 2021 till now, we have seen the price forming a head and shoulders pattern with the neckline stand at Rs 225 level. In the current week, price has breached the pattern with higher volume at lower levels and from here we can see further downside towards Rs 200-180 levels.

More selling pressure can be seen at this level and hence we would recommend selling the stock on each rise to each higher level.

A level above the Rs 255 level may give some stability to the stock and then we can see some upside. But, the bias favors the more negative side.

We recommend investors to avoid buying at this level and move higher towards Rs 235-240 level for negative target of Rs 200-180 in next 3-4 months.

Adani Enterprises: Buy
From a low of Rs 121 in March 2020, the stock has given a sharp jump to make an all-time high of Rs 1,908 in January 2022. The volumes were quite high during this period.

From the high of Rs 1,908, the price corrected to take support at the 50-WMA at Rs 1,525 and gave a sharp upward rally to form a new high of 2,421-odd level.

Currently, after moving in the range of 300 points only for the last 2 months, with relatively higher volumes, the price has now crossed the range at higher levels and from here we can see the stock making a new high.

The price is also moving above the key average which is a good sign for a bull run.

Hence, we recommend investors to buy at this level and buy on a close downside basis at Rs 1,900 with a stop loss of Rs 1,700. On the upside, we may see odd levels of Rs 2,600-3,000 in the next 8-10 months.

Adani Wilmar: Buy
At the time of listing, the stock opened below the offer price at a low of Rs 227 and from there we saw a sharp jump of 190 points in that particular week.

From 12 February 2022 to 25 March 2022, the price went into a consolidation phase and once it crossed the range at higher levels, the price made an upward move to reach a high of Rs 878.

From the high of Rs 878, the price took almost 52% of the previous rally to the low of Rs 540 and currently, it is trading at the level of Rs 615.

We can see further upside towards Rs 850-1000 level. At current levels, we can see positive divergence and a sharp upward move can be seen once it moves above the 50-DMA of Rs 660.

Therefore, we recommend buying further at this level with a stop loss of Rs 470 with a stop loss of Rs 540 for target of Rs 900-1,100 in next 6-8 months.

(Disclaimer: Recommendations, suggestions, views and opinions given by experts are their own. They do not represent the views of The Economic Times)