Breakdown Stocks: How to trade Asian Paints, Tata Technologies & Vodafone Idea which hit fresh 52-week low?
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Market Summary
Indian market remained volatile and fell for more than 1% on Wednesday for the second consecutive day in a row. The BSE Sensex was down nearly 1000 points while the Nifty50 closed below 23,600 levels.
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Sectoral Summary
Sectorally, selling was seen in power, metal, capital goods, auto, industrial and realty stocks.
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Breakdown Stocks
Stocks that hit fresh 52-week low include names like Asian Paints which closed flat with a negative bias, Tata Technologies fell more than 3% and Vodafone Idea fell nearly 4% on Wednesday.
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Analyst Call
We spoke to an analyst on how one should look at these stocks the next trading day entirely from an educational point of view:
Analyst: Sanket Thakar, CMT, Founder - Alpha Bot Capital
Analyst: Sanket Thakar, CMT, Founder - Alpha Bot Capital
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Asian Paints
Asian Paints has given a breakdown below its weekly trendline support. This makes the sentiment bearish, and the nearest support level it could reach in a couple of weeks is at 2300.
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Tata Technologies
Tata Technologies has been in a downtrend since the very beginning. On the daily chart, it is expected to hit its trendline support in the coming days at the 940 level. As the overall trend is negative, this stock is in a sell-on-rise mode for traders.
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Vodafone Idea
Vodafone Idea, on weekly charts, is trading within a big range of Rs 19 (Resistance) and Rs 7-5 (Support). This stock is coming closer to its support territory now, and these levels could hold up for a while.
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)