The stock market had a tough day on Thursday as benchmark indices Sensex and Nifty fell sharply. The drop was triggered by a sell-off in Adani Group stocks following allegations of bribery and fraud against Gautam Adani in the US.
Despite the turmoil, three key stocks stood out:
- Paytm gained 3.65%.
- IndiGo rose slightly by 0.55%.
- Varun Beverages slipped nearly 1%.
Here’s what Riyank Arora, Technical Analyst at Mehta Equities, suggests investors should do with these stocks:
Paytm: Buy on Dips
Paytm’s chart shows strength, trading above important resistance levels. With support at Rs 750 and resistance at Rs 1000, the stock has the potential for more gains.
- Strategy: Use minor dips to accumulate for long-term growth.
IndiGo: Bullish Outlook
IndiGo’s stock remains strong, with support at Rs 3900 and resistance at Rs 4500. The current trend suggests the stock could reach Rs 4500 soon.
- Strategy: Buy now and add more if prices dip for greater returns.
Varun Beverages: Wait and Watch
Varun Beverages is under pressure, facing resistance at Rs 675 and support at Rs 550. The technical indicators suggest weakness.
- Strategy: Hold off on buying until the stock stabilizes near stronger support levels.
Investor Takeaway: While Paytm and IndiGo show potential for gains, caution is advised with Varun Beverages until the stock finds stability.
Disclaimer: The views and investment tips expressed by investment experts on Sharepriceindia.com are their own and not those of the website or its management. Sharepriceindia.com advises users to check with certified experts before taking any investment decisions.
