Equity indices bounced back from early lows to close higher on Wednesday. The 30-share Sensex climbed 267 points to close at 71,822 points and the broader Nifty also gained 96 points to end the day at 21,840 points.
Stocks that were in focus include names like RIL, which rose 1.14%, Adani Green, which jumped 2.11%, and TCS, whose shares declined 1.05% on Wednesday.
Here's what Riyank Arora, Technical Analyst at Mehta Equities, recommends investors should do with these stocks when the market resumes trading today.
RIL (Bullish)
The stock has given a good breakout above its recent resistance mark of 2920 and successfully managed to close above the same.Considering the overall trend, which looks bullish, and the stock continuously moving in an uptrend, it is expected that the stock should likely head higher towards 3050 and 3100 levels as this momentum rally continues. A trailing stop-loss should be kept at the 2900 mark.
Adani Green (Bullish)
The stock has given a good breakout above its resistance zone of 1740 to 1760 and is now seen to be re-testing its breakout levels.The overall trend continues to remain positive, and it is expected that the stock should eventually head higher towards 1990 and 2050. Immediate Support is now at the 1725 mark below which the stock would lose strength
On the upside, it is expected that the stock should likely head higher towards 4175 and 4250 levels as this uptrend rally continues.
