Big Movers on D-St: What should investors do with Tata Power, Cyient and Trident?

Indian market closed higher on Monday tracking positive global cues. The S&P BSE Sensex rose more than 100 points while Nifty50 closed close to 17000 levels.

Sectorally, buying was seen in healthcare, metal, FMCG, and banks while selling was visible in utilities, power, telecom, and realty.

Stocks that were in focus include names like Tata Power which fell more than 3%, Cyient which hit a fresh 52-week high and Trident which closed with a loss of more than 6% 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:

Tata Power – Exit
The stock extended loss after violating its medium-term support zone of Rs 195 and slipped to a 52-week low. A spike in volume and rise in future open interest indicates that major market participants were in favour of the bears.

This could drag the stock towards Rs 178-159-152 in the short-term to medium term. In case of pullback, the stock may face a hurdle around the Rs 195-200 zone.

Cyient – Book Profit
Since Nov’22, the stock has moved upwards, forming higher top higher bottom pattern, which took it from Rs 724 to 1,026.

We believe that the stock may remain sideways before a fresh up-move, as it has formed an indecisive pattern-Doji on the daily chart and the key technical indicators are stuck around the overbought zone.

In case of any decline, the stock will continue to find support around its upward-sloping 20-day and 50-day EMAs, which are currently placed at Rs 955 and Rs 924, respectively.

Trident – Exit
In Jun’22, the stock witnessed a breakdown from a bearish pattern-Head & Shoulder and remained under pressure subsequently. Since then, the stock is trading below its key moving averages on the short-term timeframe chart.

The key technical indicators are in favour of the bears. This could accelerate undergoing negative momentum and could drag the stock further down.

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