Big moves on D-Street: What should investors do with Paytm, Varun Beverages and Astral?
Stocks in focus included names like Paytm, down 1.08 per cent, Varun Beverages, up 6.62 per cent and Astral, down 2.19 per cent on Wednesday.
Here are what Riyank Arora, Technical Analyst at Mehta Equities, recommends investors should do with these stocks when the market resumes trading today.
Paytm – Bearish
After experiencing a steep decline of over 19% on December 7, 2023, Paytm stock is currently trading below the support zone.
The overall trend continues to lean bearish, with anchor VWAP resistance positioned near the 640 point, suggesting 590 and 560 as potential targets.
Varun Beverages – Strong
The stock opened higher following news of the company’s acquisition of South Africa’s BevCo for ₹1320 crore. The current market price is around 1253.40 with immediate support near 1178.00. A downward move towards the 1150-1175 area would represent a lucrative buying opportunity, with a stop loss suggested slightly below the 1090 level.
Astral – strong
The stock touched an important support level of 1862.55 during today’s trading session. With the overall trend remaining positive and the stock trading well above its 200-day simple moving average (SMA), a strong uptrend is likely towards 1950 and 2000, with a stop loss suggested around 1825.00.
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(Disclaimer: Recommendations, suggestions, views and opinions provided by experts are their own and do not represent the views of The Economic Times.)
