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Indian market closed in the red on Tuesday for the third consecutive day in a row. The S&P BSE Sensex fell more than 100 points while the Nifty50 closed below the 16,300 level.

Sectorally, selling pressure was seen in metals, utilities, power, and realty stocks while buying was seen in banks, finance, and FMCG stocks.

Stocks that were in focus include names like Dixon Technologies which fell more than 3 per cent, GNFC rose more than 8 per cent, and Asian Paints closed more than 2 per cent higher on Tuesday.



Here’s what Vijay Dhanotiya, Lead Technical Research at CapitalVia Global Research recommends investors should do with these stocks when the market resumes trading today:


Dixon Technologies: Sell| Target Rs 3,100| Stop Loss Rs 4,000
The stock has given a breakout from the Head & Shoulder pattern formation on the long-term chart. The stock is trading below its 21, 50 & 200-days exponential moving averages and continues its losing streak for the third straight session suggesting further downside movement.

Prices are expected to find support near Rs 3,480, below this, we can expect further downward movement till the level of Rs 3,100 while Rs 4,000 will act as a crucial resistance level on the upside.

GNFC: Buy| Target Rs 885| Stop Loss Rs 795
The share price of Fertilizers & Chemicals (GNFC) surged over 10% in morning trade after it reported quarterly numbers for Q4 March 2022.

On the technical front, the stock has formed a bullish continuation flag pattern on the daily chart and momentum oscillators such as RSI is headed upward which is bullish for the stock.

Asian Paints: Buy| Target Rs 3,280| Stop Loss Rs 3,000
Prices surged over 4% in morning trade and broke the six-day losing trend on Tuesday ahead of the quarterly result. The company has reported a half a percent year-on-year growth in consolidated profit.

A green candle followed by two indecision candles near to the support level suggests upward movement in prices.

Prices are sustaining below the 21, 50 & 200-days exponential moving averages, and if it manages to close above the same then a target towards Rs 3,130 is expected.

We expect a bull Run towards Rs 3,280 to Rs 3,400 levels in the near term.

(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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