Big movers on D-Street: What should investors do with Maruti Suzuki, Adani Ports and Cipla?

Rising for the second straight session, equity benchmark indices Sensex and Nifty closed higher on Tuesday, helped by fag-end buying in banking counters and a firm trend in global markets.

Stocks that were in focus include names like Maruti Suzuki, which fell 4.16%, Cipla, which was down 1.6%, and Adani Ports, whose shares jumped nearly 2% on Tuesday.

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

Maruti Suzuki

After making double bottom around 7900 in Mar 2023, price has given a sharp upside move to make an all time high of 13540. Price has given almost 71% returned from its lower level as buyers were having the upper hand over bears.

In the last 25-30 weeks price has moved in range of 11500-13550 and in the current week with high volume price has breached the Distribution Phase and moving below the range we can see further downside.

On the lower side stock has a support around 9600-9000 odd levels. For the long term stock looks good and can be bought at every dip. The Stochastics Oscillator is moving in the downward trend along with an increase in volume indicating further downside with limited upside risk. Hence one should avoid buying at current level and can be bought around 1000 and further more at dips of 9500 with stop loss of 9000 on weekly closing basis and upside can be seen till 12000-13000 in the coming 10-12 months.

Adani Port

After making low around 750 in Oct 2023, price has witnessed a Bull Run to make an all time high of 1614. Price has given almost 115% returned from its lower level as Bulls were having full control over the price.

At the higher level after making Double Top around 1614 odd levels price has witnessed some correction as it retraced almost 38% of its previous rally to make low around 1300 levels. Lower Top Lower Bottom pattern can be seen during this downtrend. Price is currently trading near 50 WMA and moving above 1400 odd levels we can see further upside till 1500-1700 odd levels.

On the Lower side it has the support around 1250 below which we can see further dip till 1000 odd levels. For long term stock looks good and can be bought at every dips. The Stochastics Oscillator is moving in the oversold zone and turnaround can be seen at any time. Hence one can buy at current level and more at dips of 1300 with stop loss of 1250 on weekly closing basis and upside can be seen till 1500-1700 in the coming 10-12 months.

Cipla

In the daily chart after making low around 1300 in May 2023, price has given a sharp upside move to make an all time high of 1702. Price has given almost 400 points upside move from its lower level as Bulls were having full control over the price.

In the last 25-30 days price has moved in the range of 1600-1700 and in the previous week with high volume price has breached the Distribution Phase and moving below the range indicating further downside from here. Price is currently trading near previous lows of 1450 odd levels and if these levels are broken out then we can see further dips till 1400-1350.

For long term stock looks good and can be bought at every dips. The Stochastics Oscillator is moving in the oversold zone and turnaround can be seen at any time. Hence one can buy at dips of 1440 and further more at dips of 1400 with stop loss of 1350 on weekly closing basis and upside can be seen till 1620-1750 in the coming 10-12 months.

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