Here’s what Pravesh Gour, Senior Technical Analyst at Swastika Investmart, recommends investors should do with these stocks when the market resumes trading today.
L&T
The counter has taken support at its important 200 DEMA and has shown a V-shaped recovery, regaining all its significant moving averages (20, 50, 100). Currently, the counter is trading at 3670, with the first resistance placed at 3750. Above this level, the counter could move towards 3850 and the 4000 psychological resistance mark.
On the downside, the first support will be at the 3600 level, where the 20, 50, and 100 DMAs are placed. Below this level, a slip towards 3450 could be possible.
Zomato
The counter has witnessed some profit booking from higher levels, currently creating a base at its 10 and 20 DMA. A consolidation breakout is awaited above the 225 zone, which could lead towards 233 and 250 levels.
On the downside, the immediate support will be at the 215 level. A slip below this could lead to weakness towards its important support zone of 200, where the 50 DMA is placed.
Ramco Cement
The counter has shown signs of bottoming out and has pulled back from its demand zone, regaining its 20, 50, and 100 DMA. Additionally, it is forming the right shoulder of an inverse head and shoulders formation.
Technically, the first hurdle will be at the 888 level, where the 200 DMA is placed. Above 888, a rally towards the 950 level can be witnessed. On the downside, important support will be at the 800 mark, where a bunch of moving averages (20,50and 100) are placed.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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