Infosys Stock Price: Big Movers on D-St: What should investors do with Infosys, HDFC Bank and Avenue Supermarts?

Indian markets pared intraday gains on Friday and closed more than 1% higher. The S&P BSE Sensex rose almost 700 points, while the Nifty50 closed just below 17,200.

Sector-wise, buying was seen in IT, Banking, Capital Goods and Consumer Durables, while selling was visible in Energy, Utilities, Oil and Gas. gas and energy space.

Targeted actions included names such as

which rose nearly 4%, which rose more than 3% ahead of September quarter results, while ending flat ahead of second quarter results on Saturday.

Here’s what Pravesh Gour, Principal Technical Analyst,

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

Infosys: Buy
The meter bottoms out from the lower levels at around Rs 1,350-1,380 over a longer period. He has been traveling through the long consolidation phase for six months. The counter structure looks attractive at these levels for investment. Now it is entering the next leg of a rally where Rs 1,600-1,650 is an immediate resistance level.

A close above the mentioned levels can take the stock towards Rs 1,800+ in the long term. On the downside, Rs 1,300 will act as strong support. The momentum indicator is also well oriented.

HDFC Bank: Buy
The meter witnessed a double bottom formation that shows a change in trend and reversal in momentum from the previous price action. The overall structure looks lucrative as it is trading above its all-important moving averages.

The MACD (Moving Average Convergence Divergence) supported the current strength, while the momentum indicator RSI (Relative Strength Index) is also in positive balance.

On the upside, Rs 1,470-1,480 is the neckline and an immediate hurdle. A close above this level can take the stock towards Rs 1,550. On the downside, Rs 1,350 is a strong demand zone at any pullback.

(DMart): Avoid
The counter forms a bearish head and shoulders pattern on the daily chart, while Rs 4,200 is likely to act as immediate neckline support for the lower level; below this level, Rs 4,050 will be the next major support level.

On the upper side, a cluster of moving averages around Rs 4,400 will act as strong resistance. A close above that could take the stock towards Rs 4,600, which will be the next higher level for the investor.

(Disclaimer: The 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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