Mankind Pharma, DMart, Tata Tech: Key supports & resistance levels for these stocks

Domestic stock indices settled lower on Tuesday, as selling pressure in heavyweight sectors such as IT and banking hurt sentiment. The BSE Sensex tanked 361.64 points, or 0.50 per cent, to close at 72,470.30. The NSE Nifty tanked 92.05 points, or 0.42 per cent, and settled at 22,004.70. A few stocks namely Mankind Pharma Ltd, Avenue Supermarts Ltd (DMart) and Tata Technologies Ltd are likely to be on traders’ radar today. Here is what Pravesh Gour, Senior Technical Analyst at Swastika Investmart has to say on these stocks ahead of Wednesday's trading session:

Mankind Pharma | Resistance: Rs 2,400 | Support: Rs 2,070
Mankind Pharma is coming out of a long consolidation phase with strong volumes. The overall structure is bullish, as the scrip trades above its key moving averages. The pattern suggests an immediate target of Rs 2,400. The stock has potential to move further upside. On the downside, the level of Rs 2,070 will act as an immediate support level. ADX and MACD are supporting the current strength, whereas the momentum indicator RSI is positively poised.

Avenue Supermarts| Resistance: Rs 4,600-5,000 | Support: Rs 4,100
DMart is currently experiencing a strong bullish trend, marked by higher high-low formations on the longer timeframe. Recently, the stock broke out of an Ascending Triangle pattern on the daily chart, adding to its attractiveness. Additionally, it's trading above key moving averages, reinforcing its bullish structure. Looking ahead, the Rs 4,600 level is a critical resistance point. A successful breach could pave the way for further gains, potentially reaching Rs 5,000 or more over the short-to-long term. Conversely, the level of Rs 4,100 stands out as crucial support, likely to provide a floor during any pullback. Key momentum indicators such as the MACD and RSI, support the current strength, indicating conditions for potential upside.

Tata Technologies | Resistance: Rs 1,150 | Support: Rs 1,000

Tata Tech is in a downward trend and it is continuously forming lower low-high formations on the daily chart. The overall structure is distorted as the stock trades below its key moving averages. On the upside, the level of Rs 1,100 is an immediate susceptible area. Above this, one can expect a run-up towards Rs 1,150 levels in the near term. The level of Rs 1,000 is a psychological level. It may act as an immediate demand zone in the shorter timeframe.

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