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    Big Movers on D-St: What should investors do with ITC, Welspun Corp, and Adani Power?

    Synopsis

    ITC has been a marked outperformer amid weak market sentiment in the week gone by. It continued its bullish momentum followed by a breakout from a bullish flag formation.

    Big Movers on D-St: What should investors do with ITC, Welspun Corp, and Adani Power?Agencies
    On the sectoral front, buying was seen in realty, metals, capital goods, healthcare, and energy stocks.
    Indian market snapped 2-day losing streak on Friday and closed with gains of nearly 3 per cent. The S&P BSE Sensex rose more than 1,500 points while the Nifty50 closed above 16,200 levels.

    On the sectoral front, buying was seen in realty, metals, capital goods, healthcare, and energy stocks. The S&P BSE Mid-cap index rose nearly 2 per cent while the S&P BSE Small-cap index ended with gains of 2.1 per cent.

    Stocks that were in focus include names like ITC which rose nearly 2 per cent, Welspun Corp that ended with gains of over 17 per cent, and Adani Power that added 5 per cent on Friday.

    Here's what Santosh Meena, Head of Research, Swastika Investmart recommends investors should do with these stocks when the market resumes trading today:

    ITC: Buy
    ITC has been a marked outperformer amid weak market sentiment in the week gone by. It continued its bullish momentum followed by a breakout from a bullish flag formation.

    The pattern suggests a target of Rs 310-320 whereas Rs 300 will be a psychological hurdle. On the downside, Rs 273-267 will act as an immediate demand zone.

    Momentum indicators are positively poised and are still well below the overbought zone.

    Welspun Corp: Buy
    The counter was moving in upsloping channel formation and on Friday it has broken out on the upside.

    A breakout from the neckline of the channel suggests bullish momentum where Rs 275-295 could be immediate target levels. On the downside, the previous swing high of Rs 221 will act as an immediate support level.

    Adani Power: Avoid
    The counter is continuing its norward journey without any disturbance where recently it has witnessed a breakout from a bullish flag formation that may take the stock towards Rs 350-370 level.

    However, most of the momentum indicators are in overbought territory therefore risk-reward is not favorable.

    (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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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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