Big Movers on D-St: What should investors do with ITC, Anupam Rasayan & HG Infra which hit 52-week highs?

Indian markets snapped a 9-day winning streak to close in the red on Monday. The S&P BSE Sensex fell more than 500 points while the Nifty50 managed to hold on to 17700 levels.

Sectorally, buying was seen in the public sector, oil & gas, FMCG, energy, and realty stocks while selling pressure was visible in IT, telecom, and healthcare stocks.

Stocks that were in focus include names like ITC which closed with gains of over 1%, Anupam Rasayan which rose nearly 7% and HG Infra Engineering which rose nearly 4%. All stocks hit their fresh 52-week highs on Monday.


Here's what Jatin Gohil, Technical and Derivative Research Analyst at Reliance Securities recommends investors should do with these stocks when the market resumes trading today:

ITC– Buy on dips
On 11th Apr’23, the stock witnessed a breakout from the bull flag pattern. The bull flag is a bullish continuation pattern. The stock has the potential to move towards the pattern breakout point, which is placed at Rs 429.

The key technical indicators are positively poised on long-term as well as medium-term timeframe charts. Hence, we have a bullish view of the stock. A long position can be initiated at the current juncture and on dips for the desired up-move.

Anupam Rasayan – Partial profit booking
Continuing its prior daily rising trend, the stock rose to a 52-week high of Rs1,070. In the current month, so far, the stock reported a rise of 22%, while from its 52-week low (Rs 547), it registered a gain of ~96%.

The stock is near its long-term supply zone of Rs 1,085-1,105. Its medium-term and short-term indicators are stuck around the overbought zone and may reverse down. Hence, partial profit booking cannot be ruled out at the current juncture.

HG Infra – Buy on dips
Since Jan’23, the stock has moved upwards, forming a higher top-higher-bottom pattern. It recorded a new high of Rs 887. In case of any decline, the stock may take support around its upward-sloping 20-day and 50-day EMAs, which are currently placed at Rs 807 and Rs 761, respectively.

The key technical indicators are in favour of the bulls on major time frame charts. The stock has the potential to move towards its psychological level of Rs 1,000. A long position can be initiated at the current juncture and on dips for the probable rise.

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