The Sensex dropped almost 942 points on Monday, pulling Nifty below the 24,000 mark as banking and Reliance stocks saw heavy selling. Despite the market’s downturn, IRCTC fell by 2.01%, IRFC dipped by 3.26%, and Raymond managed a 2% gain. Senior Technical Analyst Ameya Ranadive from StoxBox offers insights on how to approach these stocks as the market reopens.
1. IRCTC
Currently trading around ₹816, IRCTC is near its support range of ₹825-₹800 after a 30% drop from its peak. The stock’s bearish trend is clear, trading below its 20, 50, 100, and 200-day EMAs. Its upcoming earnings report could sway its direction: strong results might push it out of this low range, while weak results could lead to further declines.
- Entry Point: If IRCTC sustains above ₹830 with good volume, it could climb to ₹884-₹900.
- Risk Zone: A drop below ₹800 could signal more selling pressure.
2. IRFC
Trading at ₹153, IRFC has rebounded about 20% from October lows, settling within the ₹145-₹150 range. While it’s holding above its 20 and 200-day EMAs, the stock is facing resistance near its 50 and 100-day EMAs at ₹160.
- Upside Potential: Sustained trading above ₹158-₹165 could set a target of ₹180-₹190 if buying continues.
- Downside Risk: A drop below ₹140 would indicate further selling, so caution is advised.
3. Raymond
Raymond showed strength by closing 2% higher at ₹1687 after rebounding from an early drop. The stock is above its 20 and 200-day EMAs, reflecting buying interest, though it faces resistance around its 50 and 100-day EMAs at ₹160. The upcoming earnings will be crucial to gauge the stock’s trajectory.
- Target: Holding above ₹1550 could support gains up to ₹1920-₹2025 with positive earnings.
- Support Level: A fall below ₹1550 may trigger new selling, so investors should stay cautious with upcoming volatility.
Each stock’s movement will be closely tied to market trends and individual earnings results, making it essential for investors to watch key levels.
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