Big movers on D Street: What should investors do with Just Dial, HAL and IEX?

Equity benchmarks closed lower on Friday, capping the overall week on a flattish note mainly on account of profit booking at higher levels. The BSE Sensex fell 223 points to settle at 62,625, while the Nifty settled at 18,563.

Stocks that were in focus include names like Just Dial, which gained 3.92%, HAL, which was up 5.87% and IEX, whose shares fell 10% on Friday.

Here's what Pravesh Gour, Senior Technical Analyst at Swastika Investmart, recommends investors should do with these stocks when the market resumes trading today:

Just Dial: Buy
The counter is bottoming out from the lower levels and has formed a base at around Rs 520. It has witnessed a breakout of upward channel formation with huge volumes. The structure of the counter looks good at its current level, as it is trading above all important moving averages.

MACD (moving average convergence divergence) is supporting the current strength, whereas the momentum indicator RSI (relative strength index) is also positively poised.

On the upside, Rs 800 is the psychological support level; above this, we can expect a short-term rally to Rs 850. On the downside, the level of Rs 700 is likely to act as immediate support.

HAL: Buy on Dips
The counter is experiencing a classical upward trend and has recently broken out of an upward channel formation on a longer time frame, accompanied by strong volume. This breakout suggests a potential continuation of the upward trend.

The MACD (moving average convergence divergence) indicator is supportive of the counter's current strength, indicating potential upward momentum.

Additionally, the RSI (relative strength index) is positively poised. It has a psychological resistance level of Rs 3800.

If the price manages to break above the Rs 4000 resistance level with conviction, on the downside, if there is a correction, the major support level is identified at Rs 3400.

It is suggested that both long- and short-term investors follow the buy-on-dip strategy.

IEX: Avoid
The counter is in a downward trend, but in the last few trading sessions, it has seen a massive downfall with strong volume. The overall structure is distorted as it trades below its all-important moving averages.

On the upside, Rs 135 is an immediate susceptible area; above this, we can expect a run-up towards Rs 140+ levels in the near term, while Rs 110 is an immediate demand level.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)