Sector wise, selling pressure was witnessed in metals, energy, realty, power and utilities. The S&P BSE Midcap index was down 1.5 per cent and the S&P BSE Smallcap index was down 1.1 per cent.
The stocks in focus on Wednesday included names like
which fell by about 6 percent, Jain Irrigation which was more than 10 percent, and I t i Which rose more than 17 percent.
Akhilesh Jat, Category Manager – Equity Research, Capital Via Global Research, recommends what investors should do with these stocks when the market starts trading today:
JSPL: Sell below Rs.304. Stop Loss: Rs 312| Target: Rs 292
The share price of JSPL has fallen more than 47 percent from all-time highs. The stock is trading in lower-low and lower-high formation and is trading at its 52-week low.
The short term trend of the stock is weak as it is trading below its all important moving average.
System: Buy: Rs 42| Stop Loss: Rs 39| Target: 47 . Rupees
As on 22nd June 2022, the share price of Jain Irrigation Systems continued its positive streak for the second consecutive day. The stock has risen more than 44 percent from its weekly low and is trading above its 21, 50 and 200-day exponential moving averages.
The momentum oscillator is above the RSI center line and the histogram is contracting downwards and moving towards the zero line, triggering an upward move.
ITI: Buy for Rs.100. Stop Loss: Rs 96| Target: Rs 106
The share price of ITI rose over 11 per cent in intraday to trade at the highest level since May 30, 2022.
The stock closed above its 100-day EMA and also formed a double-bottom formation on the daily chart indicating that the primary trend of the stock is positive.
The momentum oscillators RSI and MACD are suggesting that it may continue its uptrend.
(Disclaimer: Recommendations, suggestions, views and opinions given by experts are their own. They do not represent the views of The Economic Times)