Big Movers on D-St: What should investors do with Eicher Motors, GSFC and HDFC Bank?

Indian market closed in the green for the sixth consecutive day on Friday tracking positive global cues. The S&P BSE Sensex reclaimed 56,000 while the Nifty50 closed above 16,700 levels.

Sectorally, buying was seen in banks, finance, FMCG, and realty stocks, while selling was seen in power, utilities, IT, and telecom stocks.

Stocks in focus include names like

which hit a fresh 52-week high, which rose more than 14 per cent, and which closed with gains of over 2 per cent on Friday.

Here’s what Santosh Meena, Head of Research,

recommends investors should do with these stocks when the market resumes trading today:

Eicher Motors: Rs 3000 will act as immediate & strong support level
The counter is in strong bullish momentum and there is a breakout from a bullish flag formation on the weekly chart which suggests much higher levels than current levels.

However, Rs 3225 is an immediate hurdle, and then the next resistance level is placed at Rs 3350. On the daily chart, some momentum indicators are in the overbought zone, but the overall bias is bullish.

Any correction will lead to a fresh buying interest. On the downside, Rs 3000 will act as an immediate and strong support level.

GSFC: Rs 170-173 is an immediate and strong resistance
The counter is witnessing a strong bounce back from its 200-DMA after a decent correction, however, Rs 170-173 is an immediate and strong resistance where we can again expect some selling pressure.

A close above Rs 173 could take the stock towards the Rs 200 level. On the downside, Rs 140 is a strong support level. MACD is witnessing centreline crossover to support the current strength.

HDFC Bank: May face some resistance near the Rs 1450-1465 zone
The counter has created a strong base at the Rs 1300 level, and it is now ready to break out above the resistance zone of Rs 1410.

However, it has to face resistance in the Rs 1450-1465 zone. Above this, we can expect a fresh bullish momentum towards the Rs 1600 level.

Most of the momentum indicators are witnessing positive crossover whereas MACD is also trading above the centreline with positive divergence.

(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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