The Sensex crossed 85,000 and Nifty hit 26,000 for the first time on Tuesday before both indexes closed flat due to market volatility. Key stocks in focus were Power Grid, IEX, and Tech Mahindra. Here’s what Riyank Arora, Technical Analyst at Mehta Equities, suggests for these stocks today:
Power Grid:
Power Grid broke above a key resistance level of 344, showing strong bullish momentum. The stock is set to target 355 and 360 next. Investors should keep a stop loss at 340 to manage risk.
IEX (Indian Energy Exchange):
IEX is struggling with immediate support at 207.50, with further support at 199. On the upside, resistance levels are at 217.69 and 225. The trend is sideways to negative, making it a sell-on-rise candidate as the bias remains tilted towards a downside.
Tech Mahindra:
Tech Mahindra has solid support at 1580 and resistance at 1672, with an overall positive trend. The stock is expected to continue its upward movement, making it a good choice for buying on dips within the current range.
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