Big Movers on D-St: What should investors do with InterGlobe Aviation, BHEL and Apar Industries?

Indian markets snapped an 8-day winning streak and closed in the red on Wednesday tracking muted global cues. The S&P BSE Sensex fell more than 100 points while the Nifty50 managed to hold on to 18000 levels.

Sectorally, buying was seen in FMCG, realty, and consumer durable stocks while selling was visible in telecom, IT, oil & gas and energy.

Stocks that were in focus include names like InterGlobe Aviation which was up more than 4%, BHEL which closed with gains of more than 6% and Apar Industries which ended 4% higher on Wednesday.

Here's what Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher Pvt. Ltd recommends investors should do with these stocks when the market resumes trading today:

Apar Industries: Buy on Dips
On the daily chart, Apar Industries is in a strong uptrend after taking support at the 2450 level and is back in momentum. The stock has made a higher top-higher-bottom formation and has also seen volume participation on the rise, trading above all significant moving averages.

On the monthly chart, it has rallied strongly from 900 levels to 3000 levels, and the RSI indicator is in the overbought zone.

Any short correction or profit booking near 2600 levels is a good buying opportunity with a strict stop loss of 2450 levels.

InterGlobe Aviation: Wait For Breakout
The stock has made a gradual recovery from 1800 levels and has witnessed steady growth from there on. The stock has maintained above the significant moving averages of 50 DMA and 200 DMA.

After a 2-day rally toward the 52-week high, the stock is now forming a shooting star pattern near the 52-week high. A decisive move past 2230 would improve the bias and allow for anticipation of further upward movement towards higher targets.

BHEL: Accumulate
After a double bottom near 68 levels, the stock has given a strong rally and a breakout above 79 levels. It is now trading near 87 levels, which is a 0.786% retracement level of the recent fall from 91 levels.

With strong support near 79, one can buy and accumulate this stock for a fresh upside target of 100–105 levels in the coming days.

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