Stocks to buy: IndusInd Bank, PC Jewellers and Mold-Tek on investors' radar

Synopsis

Sensex closed marginally down in a volatile session as IndusInd Bank fell 27% due to selling pressure, while PC Jewellers rose 0.8% and Mold-Tek increased by 0.2%. Experts recommend avoiding IndusInd Bank and suggest potential buys in PC Jewellers and Mold-Tek on dips.

Sensex recovered most of its losses to close marginally down in a volatile session on Tuesday even as private lender IndusInd Bank slumped 27 per cent and global markets declined on US recession worries.

Stocks that were in focus include names like IndusInd Bank, which fell 27% and PC Jewellers, which gained 0.8% and Mold-Tek, whose shares gained 0.2% on Tuesday.

Here's what Viral Chheda, Sr Analyst at SSJ Finance and Securities, recommends investors should do with these stocks when the market resumes trading today.

IndusInd Bank

After moving in the range of 926-1100 for the past 4 months, price has witnessed a steep correction to trade a four years low of 667 odd levels. In the current week stock has given a correction of almost 30% from its previous week closing level. Stock looks weak and we can see further dip till 600-550 odd levels.

As the stock is facing more selling pressure we would recommend staying away from it and if anyone has bought at a higher rate, would suggest to exit at every bounce in price.

The Stochastics Oscillator is moving in the downward trend along with an increase in volume indicating further downside from here. Hence we would recommend to exit and stay away from buying.

PC Jewellers

From the 52 week high level of 19.30 made in Dec 2024, stock has witnessed a Bear Run to make the low of 10.30 odd levels. Price has given almost 47% downside move from its higher level of 19.30 odd levels as bears were having upper hand over price. Price is currently moving in the Downward Moving Channel and given some pull back after taking support from the trend line.

Price is currently moving above its 20 DMA and 200 DMA which is a good sign for some upside move. It can face some resistance around 15 and once this level is taken out we can see further upside till 18-20 odd levels. The Stochastics Oscillator is moving in an upward trend along with an increase in volume indicating further upside move with limited downside risk.

Hence one can buy at current level and more at dips of 11.50 with stop loss of 10 on weekly closing basis and upside can be seen till 16-19 in the coming 10-12 months.

Mold Teck Packaging

After making double top around 1100 in July 2023 price has given a sharp correction to make the low of 422 odd levels. Price has given almost 62% downside move from its higher level of 1100 odd levels.

Price is currently trading at its 3 years lower level and has made a Lower Top Lower Bottom Pattern. At the lower level stock is currently taking support of previous lows of 430 and can witness some pull back from here. Moving below 430 can take the stock to further down till 400-370 odd levels.

Moving above the 520-550 range, we can see further upside till 650-750 odd levels. For the Long term stock looks good and can be bought at every dips. The Stochastics Oscillator is moving in an upward trend along with an increase in volume indicating further upside from here.

Hence one can buy at current level and more at dips of 435 with stop loss of 425 on weekly closing basis and upside can be seen till 550-650 in the coming 6-8 months.

(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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