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    Big Movers on D-St: What should investors do with JK Paper, Shipping Corp and Axis Bank?

    Synopsis

    Sectorally, buying was seen in energy, IT, and oil and gas stocks while some selling was visible in telecom, realty, auto, and FMCG stocks.

    Big Movers on D-St: What should investors do with JK Paper, Shipping Corp and Axis Bank?
    The domestic market recouped losses and closed marginally in the red on Tuesday amid weak global cues. The S&P BSE Sensex fell by over 100 points while the Nifty50 closed below 18,400 levels.

    Sectorally, buying was seen in energy, IT, and oil and gas stocks while some selling was visible in telecom, realty, auto, and FMCG stocks.

    Here's what Viral Chheda, Technical Analyst, SAJ Finance & Securities recommends investors should do with these stocks when the market resumes trading today:

    JK Paper: Buy
    The stock has bounced back from a low of Rs 267 odd levels in June 2022 to give a sharp upside rally and make an all-time high of Rs 450 odd level. Volumes were also quite high during this period.

    The stock witnessed some profit booking around higher levels as it retraced almost 55% of the previous rally to make a low of Rs 352 level.

    In the last 5 months, the price moved sideways forming a symmetrical triangle pattern and in this week with relatively high volumes, the price breached the pattern and moved above that level which indicates further upside from here.

    The Stochastics Oscillator is also moving in an upward trend along with an increase in volumes. One can buy the stock at current levels and more on dips of Rs 420 with a stop loss of Rs 400 on a weekly closing basis.

    On the upside, we can see a level of Rs 500-560 in the next 6-8 months.

    Shipping Corporation of India (SCI): Buy
    In the daily chart after making a low of around Rs 85.60 in June 2022 stock has given an upside rally to make a 52-week high of Rs 152 odd level. Price has made a higher top higher bottom pattern during this rally.

    Stock is currently trading near its previous high of Rs 159 level, once this level is taken out, we can see a sharp upside rally to Rs 190-200 odd levels.

    The Stochastics Oscillator is trading in an upward trend along with a marginal increase in volume. The stock is also moving above the 50-DMA and 200-DMA which is positive for a further upside rally.

    One can buy the stock at the current level and more on dips to Rs 130 with a stop loss of Rs 115 on a weekly closing basis and on the upside, we can see a level of Rs 180-200 in the next 6-8 months.

    Axis Bank: Buy
    On a longer-term chart, the stock made a low of around Rs 286 in March 2020, taking support of 200 MMA at Rs 290 and giving a sharp upside move to make an all-time high of Rs 866 in Oct 2021.

    Volumes were quite high during this period. From March 2021 to September 2022 stock has moved in a range of Rs 630-866 odd levels.

    After consolidating, the price breached the range and closed at a new all-time high of Rs 905 indicating a further upside rally.

    The Stochastics Oscillator is moving in an upward trend also the price is moving above all major averages indicating further upside from here.

    One can buy at this level and more at dips of Rs 900 with a stop loss of Rs 850 on a weekly closing basis and on the upside, we can see a level of Rs Rs 1,100-1200 in the next 6-8 months.

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



    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

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    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more


    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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