Breakdown Stocks: How to trade Asian Paints, Tata Technologies & Vodafone Idea which hit fresh 52-week low?

Sectorally, selling was seen in power, metal, capital goods, auto, industrial and realty stocks.

iStock

Stocks that hit fresh 52-week low include names like Asian Paints which closed flat with a negative bias, Tata Technologies fell more than 3% and Vodafone Idea fell nearly 4% on Wednesday.

ETMarkets.com

We spoke to an analyst on how one should look at these stocks the next trading day entirely from an educational point of view:
Analyst: Sanket Thakar, CMT, Founder – Alpha Bot Capital

ETMarkets.com

Asian Paints has given a breakdown below its weekly trendline support. This makes the sentiment bearish, and the nearest support level it could reach in a couple of weeks is at 2300.

ETMarkets.com

Tata Technologies has been in a downtrend since the very beginning. On the daily chart, it is expected to hit its trendline support in the coming days at the 940 level. As the overall trend is negative, this stock is in a sell-on-rise mode for traders.

ETMarkets.com

Vodafone Idea, on weekly charts, is trading within a big range of Rs 19 (Resistance) and Rs 7-5 (Support). This stock is coming closer to its support territory now, and these levels could hold up for a while.

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

ETMarkets.com