Big Movers on D-St: What should investors do with Dr Reddy’s, ABB India and Siemens?

The Indian market closed with gains of over 1 per cent on Wednesday, supported by gains in heavyweight stocks. The S&P BSE Sensex rose over 1 per cent, while the Nifty50 closed just a shade below 16,000 levels.

Sectorally, buying was seen in auto, consumer discretionary, FMCG, consumer durables, and banks, while selling was visible in energy, metals, and public sector.

Stocks in focus include names like Siemens, which was up over 3 per cent to hit a fresh 52-week high, ABB India rose nearly 7 per cent, and Dr Reddy’s Laboratories closed flat.


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:

Dr Reddy Laboratories: Buy at Rs 4,400 | Stop Loss Rs 4,300 | Target Rs 4,530
The stock has given a breakout from its falling channel. Though there is an intermediate resistance placed at Rs 4,477 -- the stock is more likely to break above it.

Momentum oscillators such as RSI stood at 59, a sign of strength. The MACD indicator is sustaining above zero levels with a positive crossover that also suggests bullish momentum.

ABB India: Buy at Rs 2,490 | Stop Loss Rs 2,420 | Target Rs 2,570
Shares price of ABB India surged over 5 per cent to close positive for the third straight session. Prices surpassed their previous all-time high level with marginally higher volume.

The stock has gained over 12 per cent of its market value on NSE so far in this calendar year. MACD on the daily chart crossed the Zero Line with a positive crossover, which indicates it may continue its upward trend.

Siemens: Buy at Rs 2,600 | Stop Loss Rs 2,515 | Target Rs 2,720
The share price of Siemens continued its positive streak for the fourth consecutive session. The stock has jumped over 3 per cent to hit its fresh all-time high of Rs 2,656.

Additionally, the stock has also formed a rectangle pattern on daily charts and has given a breakout above the same with marginally higher volumes, suggesting more upside in the prices.

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