Big Movers on D-St: What should investors do with GE Shipping, Vedanta and Wipro?

The Indian market closed in the green for the fourth consecutive session on Wednesday. The S&P BSE Sensex rallied over 600 points, while the Nifty50 closed above 16,500 levels.

Sectorally, buying was seen in IT, metals, FMCG, and banks, while some selling was seen in power, telecom, utilities, and realty stocks.

Stocks in focus included names like GE Shipping, which closed with gains of over 2 per cent, and is trading near its 52-week high, Vedanta, which rose more than 6 per cent, and Wipro, which added over 1 per cent ahead of results due after market hours on Wednesday.

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:

Great Eastern Shipping Company: Buy around Rs 460| Stop Loss Rs 442| Target Rs 480
The share price of Great Eastern Shipping Company surged over 17 per cent so far this week to trade above a multi-year high.

The stock is trading in a Higher-High & Higher-Low formation and is sustaining above its 21, 50 & 200-Days Exponential Moving Averages.

Momentum oscillators RSI continue its Higher Low formation, and MACD indicator sustaining above zero levels with positive crossover suggests prices may continue its upward movement in upcoming sessions as well.

Vedanta: Buy around Rs 260 | Stop Loss Rs 250 | Target Rs 275
The share price of Vedanta closed in the green on Wednesday for the third consecutive session. The stock is coming out of one-month consolidation and increased as much as 8.8 per cent during the sessions.

Earlier, the stock rebounded sharply from the 61.8 per cent retracement of the entire rally since March 2020, placed at Rs 206.80. Momentum oscillators RSI and stochastic are also supportive of positive movement.

Wipro: Sell around Rs 420 | Stop Loss Rs 435 | Target Rs 395
Wipro rallied over 6 per cent from its recent low to close with gains for the third consecutive session. The overall trend is weak, and is continuously sustaining below its important moving averages on the daily chart.

Momentum oscillator RSI read below centreline, also supportive for down-side movement. The upside is expected only after it closes above the immediate hurdle Rs 430.

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