Stocks that were in focus include names like ITC, which fell 2%, ACC, which rose 0.2%, and Adani Wilmar, whose shares jumped nearly 6% on Thursday.
Here’s what Ameya Ranadive CMT CFTe at Sr Technical Analyst, StoxBox, recommends investors should do with these stocks when the market resumes trading today.
ITC
ITC Ltd fell by approximately 1.5% intraday, trading near Rs 474 ahead of its Q2 FY25 earnings report. The broader Nifty FMCG index is also under pressure, having corrected 11% from its recent highs due to underwhelming sector results. ITC’s cigarette, hotels, and agriculture segments are expected to contribute positively in Q2, while its paperboard division remains a point of weakness.From a technical standpoint, the stock has broken a key support level at Rs 480, with further weakness indicated by a breach of the 20-day, 50-day, and 100-day exponential moving averages (EMAs). The stock is, however, still clinging just above its 200-day EMA, suggesting that this level could serve as the last line of defense before deeper declines.
A sustained drop below the 200-day EMA could signal further downside risk, while a bounce back above Rs 480 could stabilize sentiment. Investors are advised to monitor the stock closely, particularly in the wake of Q2 results, as ITC navigates this critical period.
ACC Ltd
ACC Ltd Q2 FY25 earnings have disappointed, with the company reporting a 48% year-on-year decline in consolidated net profit, falling to Rs 200 crore from Rs 388 crore in the same period last year.
Over the past two weeks, ACC’s stock has slid by 12%, currently trading at Rs 2,266. The stock is approaching a critical support zone at Rs 2,238, a level where it has historically seen multiple price rebounds. Technically, the stock’s Relative Strength Index (RSI) is hovering at 37, indicating that it is nearing oversold conditions.
If ACC can sustain above Rs 2,300, there is potential for a recovery, with the next major resistance seen around Rs 2,480. On the other hand, a break below Rs 2,220 would negate any bullish momentum, potentially leading to further downside.
Investors are advised to keep a close watch on these key support and resistance levels, as the stock remains at a pivotal juncture following its Q2 earnings miss.
Adani Wilmar
Adani Wilmar Ltd (AWL) saw its shares climb by 8% after reporting an 18% jump in revenue for Q2 FY25, bolstering investor confidence.
The stock has established a long-term base around ₹300-317, a level it has managed to hold for the past two years. This solid foundation is encouraging for long-term investors, as it suggests robust support around these price levels. Technically, the Relative Strength Index (RSI) has bounced back from oversold levels to 52, reflecting a shift in momentum.
The stock has also closed above its 20-day EMA, indicating a potential change in short-term sentiment, although it still trades below its 50-day, 100-day, and 200-day EMAs.
Should AWL sustain above the Rs 300 mark, there is scope for a rally towards Rs 378-400 in the coming sessions. However, a dip below Rs 300 could trigger renewed selling pressure, making this level a key pivot point for future price action.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)