Benchmark Sensex tanked nearly 942 points to settle at a three-month low while Nifty crashed below 24,000 on Monday dragged down by heavy selling in Reliance Industries and banking shares.Stocks that were in focus include names like IRCTC, which fell 2.01%, IRFC, which was down 3.26%, and Raymond, whose shares jumped nearly 2% on Monday.Here's what Ameya Ranadive CMT CFTe, Sr Technical Analyst, StoxBox, recommends investors should do with these stocks when the market resumes trading today.1. IRCTCIRCTC is trading at Rs 816, currently at a pivotal price range of Rs 825-800, which has proven to be a crucial support zone. The stock has faced a steep decline of around 30% from its peak, setting it at a multi-month low. Market sentiment around IRCTC remains cautious as it moves within a downward-sloping channel, indicating waning momentum. The stock is currently trading below its 20, 50, 100, and 200-day Exponential Moving Averages (EMAs), which reflects its ongoing bearish trajectory.Investors are now eyeing IRCTC’s quarterly earnings announcement, which could play a decisive role in determining its near-term movement. Should the results reveal positive growth or future outlook, IRCTC could attempt to break out of its consolidation zone. However, any weakness in earnings could lead to further downside.For investors looking for an entry, it would be prudent to watch for sustained trading above the Rs 830 level, backed by strong volumes. If this level holds, the stock could rally towards Rs 884-900. On the downside, a breach below Rs 800 would indicate heightened selling pressure and could trigger further declines.2. IRFCIndian Railway Finance Corporation (IRFC) is trading at Rs 153, having corrected by approximately 42% from its mid-July highs, reaching a low of Rs 132 in October. A strategic rebound of nearly 20% from these lows has positioned the stock within a critical range of Rs 145-150.On a technical front, IRFC has managed to sustain itself above its 20 and 200-day EMAs, signaling a foundation of support. However, the stock remains constrained by its 50 and 100-day EMAs, both hovering around the Rs 160 mark. For bullish momentum to gain traction, IRFC would need to hold above Rs 158-165 consistently, potentially targeting levels of Rs 180-190 if buying interest strengthens.A move below Rs 140 could invalidate this positive outlook, and traders would be advised to tread cautiously as a breakdown may lead to renewed selling pressure. Investors should watch closely for sustained volumes at these support levels to gauge potential recovery.3. RaymondRaymond Ltd. exhibited impressive resilience in the market, reversing a near 20% decline during early trading and closing with a 2% gain at Rs 1687. The stock’s strong recovery has positioned it above the 20 and 200-day EMAs, indicating underlying buying interest. However, the immediate challenge lies in breaking the 50 and 100-day EMAs, which currently stand around Rs 160.The Relative Strength Index (RSI) is balanced around 50, signaling moderate strength in the price recovery. Raymond’s upcoming earnings announcement will be pivotal in confirming whether the recent rebound has fundamental support or if volatility will persist. The stock’s current support level is marked at Rs 1550, which will be crucial for maintaining upward momentum.For traders, a sustained hold above Rs 1550 could support further gains, with targets of Rs 1920-2025 on a positive earnings outlook. However, any drop below Rs 1550 may lead to renewed selling, underscoring the need for caution amid earnings-related volatility.(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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