Big movers on D-Street: What should investors do with Apollo Tyres, Bharat Forge and Adani Ports?

Benchmark indices edged higher in volatile trade on Wednesday. The 30-share Sensex advanced 33 points to settle at 64,975, while the broader Nifty went up by 36 points to close at 19,443.

Stocks that were in focus included names like Apollo Tyres, which gained 6.56%, Bharat Forge, which jumped 1.88%, and Adani Ports, which rose 2.46% on Wednesday.

Here’s what Riyank Arora, Technical Analyst at Mehta Equities, recommends investors should do with these stocks when the market resumes trading today.

Apollo Tyres – Bullish

Apollo Tyres has given a strong breakout above immediate resistance level of 401.50.

The stock is poised for an upside towards 440. With the overall trend being positive, bias remains on the positive side with a strategy to buy on declines towards the 400-405 zone with a stop loss slightly below 390.

Bharat Forge – Sideways

Bharat Forge is trading near an important support level of 1000, a break below which can push the stock towards 975 levels.

With the overall trend being sideways, it is expected that the stock should trade in a range of 80 points, between 1000 to 1080 for the upcoming week.

Adani Ports – Sideways

The stock is awaiting a big breakout above important resistance of 825. A breakout above the 825 mark should push the price towards 845 and 880 levels.

With the overall trend being positive and the stock making higher highs and higher lows, immediate support is near 790, below which the stock would become weak.

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

(What’s moving Sensex and Nifty Track latest market news, stock tips and expert advice on ETMarkets. Also, is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds.)

Download The Economic Times News App to get Daily Market Updates & Live Business News.

Top Trending Stocks: Sensex Today Live, SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

Roy Walsh

Related post