Home NewsStock Market News Big Movers on D-St: What should investors do with Indiabulls Housing, Welspun India and CanFin Homes?

Big Movers on D-St: What should investors do with Indiabulls Housing, Welspun India and CanFin Homes?

by WOOWinvest
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Big Movers on D-St: What should investors do with Indiabulls Housing, Welspun India and CanFin Homes?


Indian market closed in the red on Wednesday for the fourth consecutive day in a row tracking weak global cues. The S&P BSE Sensex fell nearly 300 points while the Nifty50 managed to close above 16,100 level towards the close of trade.

Sectorally, buying was seen in realty, banks, and oil & gas stocks while selling was visible in capital goods, IT, telecom, and consumer discretionary stocks.

Stocks that were in focus include names like Indiabulls Housing Finance which plunged more than 20 per cent,

plunged more than 17 per cent, and Cam Fin Homes was down more than 4 per cent on Wednesday. Here’s what Santosh Meena, Head of Research, recommends investors should do with these stocks when the market resumes trading today: Indiabulls Housing Finance: AvoidThe counter is witnessing a sharp fall after breaking down the support of Rs 128. The overall structure is disturbing; however, Rs 105-80 is likely to act as an immediate demand zone where we can expect some recovery in the market.

On the upside, Rs 130-150 will act as a supply zone. It has to go above the Rs 150 mark for any kind of strength.

Welspun India: HoldThe counter is witnessing a vertical fall, and a level of Rs 60 is likely to act as an immediate and critical support level where we can expect a bounce back. The stock closed 17 per cent lower at Rs 63.80 on Wednesday on the BSE.

If it slips below the Rs 60 mark, then further pain can be expected towards Rs 47 levels. On the upside, Rs 78/88 will be resistance levels.

Most of the momentum indicators are in oversold territory.

CanFin Homes: Bulls eye Rs 500 The counter witnessed a sharp fall followed by a breakdown of symmetrical triangle formation where it has also slipped below its key support of Rs 500 which is a cause of concern for bulls.

The level of Rs 450 is another important support level. A close above Rs 500 could translate into a swift recovery in the counter towards Rs 550/580 level, otherwise it may head towards Rs 400 level.

(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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