Big Movers on D-St: What should investors do with Jamna Auto, Biocon and Reliance Industrial Infra?

Indian market snapped its 4-day winning streak on Wednesday to close in the red. The S&P BSE Sensex fell more than 150 points while Nifty50 closed below 15,800 levels.

Sectorally, buying was seen in power, utilities, energy, and oil & gas space while selling was seen in banks, IT, FMCG, and telecom space.

Stocks that were in focus included names like Jamna Auto Industries which rose nearly 3 per cent to hit a fresh 52-week high, Biocon which fell nearly 2 per cent to hit a 52-week low, and Reliance Industrial Infrastructure which rose over 13 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:

Jamna Auto Industries Limited: Buy: Rs 124; SL: Rs 119; TGT: Rs 130
Shares price of Jamna Auto surged as much as 26 per cent in the past five trading sessions to hit a fresh 52-week high of Rs 126.25.

The primary trend of the stock is bullish, and it has given a fresh breakout after a prolonged consolidation of nearly five months within the range of Rs 125 to Rs 94.

MACD on the daily chart crossed the Zero Line with a positive crossover which indicates it may continue its upward trend.

Biocon: Avoid
Shares price of Biocon extended its losing streak to the third consecutive session to hit a fresh 52-week low of Rs 308.05. Prices are sustaining at the key support zone and trading with Lower-Low & Lower-high formations.

‘Positive Divergence’ occurs on the daily chart as price makes a new low while Momentum Oscillator RSI continues with higher low formation.

Reliance Industrial Infrastructure: Buy: Rs 960; SL: Rs 940; Target: Rs 990 & 1015
As of 29th June 2022, the share price of Reliance Industrial Infra jumped over 15 per cent to continue its positive streak for the fifth consecutive session.

The stock price rebounded sharply from the lower edge of the falling channel and has given the breakout of the same with comparably higher volume.

The price action (channel breakout with higher volume) indicates that it could continue its bull run. Additionally, momentum oscillators RSI and MACD indicators also suggest positive movement.

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