Big Movers on D-St: What should investors do with New India Assurance, Ashok Leyland and Vodafone?

Indian market closed in the green for the sixth consecutive day in a row on Wednesday. The S&P BSE Sensex closed with gains of over 200 points while the Nifty50 closed above 17,350 levels.

Sectorally, buying was seen in IT while selling was seen in telecom, capital goods, auto, and realty stocks.

Stocks that were in focus include names like New India Assurance closed with gains of over 6 per cent, Ashok Leyland which closed flat with a negative bias, and Vodafone Idea which was down by over 3 per cent.

Here's what Akhilesh Jat, Category Manager - Equity Research, CapitalVia Global Research recommends investors should do with these stocks when the market resumes trading today:

New India Assurance: Buy Rs 87| Stop Loss Rs 82| Target Rs 96
After three consecutive positive closes, the shares price of New India Assurance is coming out of a six-week consolidation. During the session, the price surged as much as 12.63 per cent intraday on Wednesday to close in the green for the fourth consecutive day.

Momentum oscillators RSI head upwards and continue its Higher Low formation. Additionally, the MACD indicator sustained above zero levels with a positive crossover which indicates it may continue its upward trend.

Ashok Leyland: Buy Rs 143| Stop Loss Rs 135| Target Rs 153 & 160
Shares price of Ashok Leyland tanked over 8 per cent from the 52-week high and close in the red for two straight days.

The stock has been consistently maintaining its uptrend and can be seen trading in a rising channel on broader charts. It is having a strong support zone near Rs 141-143 on the downside.

While on the upside, Rs 153 is an immediate resistance area; above this, we can expect a run-up towards Rs 160 + levels in the near term.

Vodafone: Sell: 9.30| Stop Loss Rs 8.40| Target Rs 10.80
Earlier, the counter had witnessed a breakout of its key resistance level and given the closing above the same.

The share price tanked over 4 per cent ahead of first-quarter results. The stock is trading in a Higher-Low formation and if prices manage to hold the level of Rs 9, then it may resume heading higher.

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