1 day Ago
Benchmark stock indices Sensex and Nifty hit fresh lifetime intraday highs before closing lower on Wednesday, ahead of the US Fed's decision on interest rates. Stocks that were in focus included TCS , which fell 3.5%; Torrent Power , which gained 8.
48%; and Mphasis , whose shares declined 6% on Wednesday. TCS After making lows around Rs 3,583 in June 2024, the price has experienced a sharp upward move, reaching an all-time high of Rs 4,592. The price has returned almost 30% from its lower level, with buyers holding the upper hand over bears.
Torrent Power After reaching a low of Rs 1,296 in May 2024, the price has experienced a bull run, reaching an all-time high of Rs 1,908. The price has gained almost 47% from its lower level, with bulls maintaining full control over the market. Stock Trading Market 101: An Insight into Trendlines and Momentum By - Rohit Srivastava, Founder View Program Stock Trading Markets 102: Mastering Sentiment Indicators for Swing and Positional Trading By - Rohit Srivastava, Founder View Program Stock Trading Market 103: Mastering Trends with RMI and Techno-Funda Insights By - Rohit Srivastava, Founder View Program Stock Trading Market 104: Options Trading: Kickstart Your F&O Adventure By - Saketh R, Founder- QuickAlpha, Full Time Options Trader View Program Stock Trading ROC Made Easy: Master Course for ROC Stock Indicator By - Souradeep Dey, Equity and Commodity Trader, Trainer View Program Stock Trading RSI Made Easy: RSI Trading Course By - Souradeep Dey, Equity and Commodity Trader, Trainer View Program Stock Trading Technical Analysis for Everyone - Technical Analysis Course By - Abhijit Paul, Technical Research Head, Fund Manager- ICICI Securities View Program Stock Trading Introduction to Technical Analysis & Candlestick Theory By - Dinesh Nagpal, Full Time Trader, Ichimoku & Trading Psychology Expert View Program Stock Trading Options Trading Course For Beginners By - Chetan Panchamia, Options Trader View Program Stock Trading Options Scalping Made Easy By - Sivakumar Jayachandran, Ace Scalper View Program Stock Trading Futures Trading Made Easy: Future & Options Trading Course By - Anirudh Saraf, Founder- Saraf A & Associates, Chartered Accountant View Program Stock Trading Stock Markets Made Easy By - elearnmarkets, Financial Education by StockEdge View Program Stock Trading Renko Chart Patterns Made Easy By - Kaushik Akiwatkar, Derivative Trader and Investor View Program Stock Trading Options Trading Made Easy: Options Trading Course By - Anirudh Saraf, Founder- Saraf A & Associates, Chartered Accountant View Program Stock Trading Stock Investing Made Easy: Beginner's Stock Market Investment Course By - elearnmarkets, Financial Education by StockEdge View Program Stock Trading Macroeconomics Made Easy: Online Certification Course By - Anirudh Saraf, Founder- Saraf A & Associates, Chartered Accountant View Program Stock Trading Stock Valuation Made Easy By - Rounak Gouti, Investment commentary writer View Program Stock Trading Candlesticks Made Easy: Candlestick Pattern Course By - elearnmarkets, Financial Education by StockEdge View Program Stock Trading Technical Analysis Made Easy: Online Certification Course By - Souradeep Dey, Equity and Commodity Trader, Trainer View Program Stock Trading Technical Trading Made Easy: Online Certification Course By - Souradeep Dey, Equity and Commodity Trader, Trainer View Program Stock Trading Commodity Markets Made Easy: Commodity Trading Course By - elearnmarkets, Financial Education by StockEdge View Program Stock Trading Derivative Analytics Made Easy By - Vivek Bajaj, Co Founder- Stockedge and Elearnmarkets View Program Stock Trading A2Z of Stock Market for Beginners: Stock Market Course For Beginners By - elearnmarkets, Financial Education by StockEdge View Program Stock Trading Dow Theory Made Easy By - Vishal Mehta, Independent Systematic Trader View Program Stock Trading Cryptocurrency Made Easy: Cryptocurrency Course By - elearnmarkets, Financial Education by StockEdge View Program Stock Trading A2Z of Stock Trading - Online Stock Trading Course By - elearnmarkets, Financial Education by StockEdge View Program Stock Trading Algo Trading Made Easy By - Vivek Gadodia, Partner at Dravyaniti Consulting and RBT Algo Systems View Program Mphasis After making multiple lows around Rs 2,148 in May 2024, the price has experienced a sharp upward move, reaching a two-year high of Rs 3,188.
The price has returned almost 48% from its lower level, with buyers holding the upper hand over bears. In the last 20-25 days, the price has moved within the range of Rs 2,974-3,188, and today, with high volume, it has breached the Distribution Phase, moving around that range and indicating potential further downside. Currently, the stock appears overpriced and may see some dips.
On the lower side, it has support between Rs 2,800 and Rs 2,700. For the long term, the stock looks promising, but it is advisable to wait for a dip to make a fresh entry. The Stochastic Oscillator is trending downward, indicating that more pain may be ahead.
Hence, one can buy at dips to Rs 2,800 and consider adding more at dips to Rs 2,700, with a stop loss of Rs 2,600 on a weekly closing basis. Upside potential could reach Rs 3,200-3,500 in the coming 10-12 months. ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own.
These do not represent the views of The Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel ).
