Buy, Sell or Hold: What should investors do with KRBL, ITI and Eveready Industries?

Here's what Mazhar Mohammad recommends investors should do with these stocks when the market resumes trading today.

Indian market closed in the red for the second consecutive day on Thursday following muted global cues. Pic: Pixabay

Indian market closed in the red for the second consecutive day on Thursday following muted global cues.

Sectoral buying was seen in power, utilities, energy, oil & gas, and capital goods while selling was visible in banks, healthcare, and telecom space.

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Stocks that were in focus today included KRBL which closed over 6 per cent lower while, ITI Ltd fell more than 5 percent. Eveready Industries closed with gains of over 8 percent on Thursday.

Here's what Mazhar Mohammad, Chief Strategist – Technical Research and Trading Advisory, Chartviewindia.in, recommends investors should do with these stocks when the market resumes trading today:

KRBL: Avoid fresh positions

This counter appears to have remained a complete underperformer with an intermediate top around 339 levels. Moreover, on long-term charts, it seems to have carved out a large trading range in the zone of 339 to 173 levels.

As this counter, registered a fresh breakdown on daily charts it can initially extend the weakness towards 173 levels.

Therefore, fresh positions should be avoided and any pullback towards 200 levels shall be used to sell existing positions if any.

ITI: Avoid

This counter seems to be in an intermediate downtrend, since the high of 143 registered in July 2021.

Moreover, it has strong support around 107 levels and a close below this can amount to a fresh breakdown with an initial target of 102 levels.

Any stability around current levels may take this counter towards 121 to 125 levels. For time being it looks prudent to avoid this counter.

Eveready Industries: Buy on Dips

This counter seems to have resumed its up move after culminating its corrective and consolidation phase from the highs of 413 registered in August 2021.

However, sharp raise of the last 4 sessions from the lows of 279 to 354 may result in profit booking which should be used as an opportunity to create fresh long positions.

Sustaining above 317 levels it can eventually head higher towards 383. Existing investors can hold their positions with a stop below 317 levels whereas fresh buying can be considered on a dip into the zone of 328 – 322 levels.

(Disclaimer: The views/suggestions/advices expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)

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