Vishnu Kant Upadhyay, AVP – Research & Advisory at Mastertrust, has provided his short-term trading strategies for several prominent Indian stocks, including Tejas Networks, VA Tech Wabag, BSE, and Multi Commodity Exchange of India Ltd (MCX). His analysis, based on technical charts, offers guidance for investors looking to navigate the market in the coming days.
VA Tech Wabag: Positive Outlook with Clear Targets
For VA Tech Wabag Ltd, Upadhyay maintains a positive outlook. Responding to a query from an investor holding shares at an average of Rs 2,198, he noted the stock's strong technical structure, characterized by a consistent pattern of higher tops and higher bottoms. While it has recently traded in a range between Rs 1,990 and Rs 2,220, existing traders are advised to hold their positions. A stop loss at Rs 1,980 is recommended, with potential higher targets set at Rs 2,300 and Rs 2,400 in the short term.
BSE: Caution Advised for Short-Term Investors
Upadhyay suggests that the BSE counter might experience some near-term pressure. Long-term investors who hold the stock are advised to stay put as long as the Rs 3,200 level is maintained. However, for short-term investors, an exit is recommended. Upadhyay anticipates a potential downside towards Rs 3,400, followed by Rs 3,200 in the upcoming trading sessions.
Tejas Networks: Maintain Positions Above Key Support
Tejas Networks shares are currently trading above their 200-day moving average, according to Upadhyay. Existing investors are encouraged to keep this stock in their portfolios, provided a crucial stop loss at Rs 520 is respected. He advises traders to maintain their positions as long as the stock remains above this level, but to consider exiting if it falls below it.
MCX: Bearish Signals Suggest Profit Booking
Technical charts indicate a bearish sentiment for Multi Commodity Exchange of India Ltd (MCX) shares. Upadhyay believes the current downward trend could continue towards Rs 2,460, where the 200-day exponential moving average is located. He advises short-term traders to consider booking profits if the stock sees any rise close to Rs 2,700. A critical support level is identified at Rs 2,440; if prices fall below this point, an exit from the position is strongly suggested.
Disclaimer: This article provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.