Big Movers on D-St: What should investors do with Apollo Hospitals, CG power and TVS Motor Company?

Big Movers on D-St: What should investors do with Apollo Hospitals, CG power and TVS Motor Company?

The Indian market closed in the green on Tuesday for the second consecutive day. The S&P BSE Sensex rallied nearly 600 points, while the Nifty50 closed above 17,800 levels.

Sectorally, buying was seen in healthcare, consumer durables, auto, realty and metals.

Stocks that were in focus included names like

, which rose nearly 6 per cent was the top Nifty gainer,

jumped nearly 6 per cent and

, gained over 5 per cent to hit a fresh 52-week high on Tuesday.

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


Apollo Hospital: Buy

On a longer-term chart, we can see that the stock, after making multiple bottoms around Rs 1,280 in June 2020, gave a sharp upside rally to hit an all-time high of Rs 5,935 in November 2021.

From the highs of Rs 5,935, the price witnessed some selling pressure as it retraced almost 55 per cent of the previous rally to make a low of Rs 3,361 odd levels.

In the last 17-21 weeks, the price moved in range, forming Ascending Triangle Pattern, taking support of every Higher Bottom and faced resistance from a Triple Top level around Rs 4,500.

In the current week, the stock breached the pattern for further upside rallies with relatively high volumes. Stochastics Oscillator is moving in an upward trend along with a marginal increase in volume, indicating further upside.

Traders can buy the stock at this level for an upside target of Rs 5,200-5,500 in the next 6-8 months. We recommend buying at this level and more on dips to Rs 4,350 with a stop loss of Rs 4,200, on a weekly closing basis.

On the upside, we can see the level of Rs 5,200-550 in the next 6-8 months.

CG Power: Book Profits
On the weekly chart, the stock started its upmove from the lows of Rs 7.75 in June 2020 to an all-time high of rS 255 in September 2022. The stock is making a Higher Top and Higher Bottom Pattern.Volumes are also quite high. The stock is currently trading at an all-time high level, and more upsides can be seen. Stochastics asis.

Oscillator is trading at an overbought zone and will not be safe to make an entry at this level. Those holding this stock can book some profit and trail it to stop loss. For fresh entry, one can wait for some correction.

Hence, we recommend traders wait for some correction and buy at lower levels of Rs 220 and more on dips of Rs 205 with a stop loss of Rs 180 on a weekly closing basis. On the upside, we can see levels of Rs 280-330 in the next 8-10 months.

TVS Motor: Book Profits
On the weekly chart, we have seen the stock move in a range between February to May 2022. The price moved in a range of Rs 495 to Rs 670 odd levels. Volumes were good during this tenure.

Once it breached on the higher range, the stock witnessed a sharp bull run as it hit an all-time high of Rs 1,088 in September 2022. It is currently trading at an all-time high level, and more upsides can be seen.

Stochastics Oscillator is trading at an overbought zone, and it’s not safe to make a fresh entry at this level. Those holding this stock can book some profit and trail it to stop loss.

For fresh entry, one can wait for some correction. Hence, we recommend traders to wait and buy at lower levels of Rs 940 and more on dips of Rs 880 with a stop loss of Rs 840 on a weekly closing basis, and on the upside, we can see levels of Rs 1,200-1,350 in the next 8-10 months.

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

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