What should you do with Pidilite Industries, Hindustan Unilever, HDFC on Tuesday?

On weekly chart of HDFC, we saw some sideways action post breakdown happened at Rs 2,400 levels with volume confirmation.

The market seems to be oversold and hence it snapped six-day losing streak with support from FMCG

However, auto, metal, realty and select banks stocks remained under pressure.

The Nifty Midcap 100 and Smallcap 100 indices fell 2.3 percent and 3.2 percent respectively as about six shares declined for every share rising on the NSE.

the fear index that measures volatility in the market, fell by 1.51 percent to 22.41 levels

Stocks that were in action and sharply outperformed frontline indices included Pidilite Industries

Pidilite Industries gained 5.4 percent at Rs 2,106.65, Hindustan Unilever rose 4 percent t Rs 2,196

Here's what Vidnyan Sawant of GEPL Capital recommends investors should do with these stocks when the market resumes trading today:.

On longer term charts, Pidilite Industries was moving in a strong uptrend since March 2020.

On the weekly charts, prices formed an Inverted Hammer candle pattern after retesting the neckline which again was followed by a faster retracement of the previous swing.

The RSI indicator on weekly time frame is below 50 which indicated bearish tone in the stock. 

Hindustan Unilever has seen an exceptional uptrend since October 2018.

The stock on the weekly time frame broke the trend line which was respected very well since October 2018, and started acting as a resistance to the prices.

On daily time, the stock has been taking strong resistance at 200 days SMA since November 2021.

The stock may show some pullback. We recommend to hold this with a strict stop-loss of Rs 1,900 mark.

On weekly chart of HDFC, we saw some sideways action post breakdown happened at Rs 2,400 levels with volume confirmation.

In the previous week, the stock opened gap down and managed to sustain below the gap. 

We recommend trader and investors to stay away from HDFC till it sustains below Rs 2,400 mark. Rs 1,800 - 1,900 will act as a downside support for the counter.

Rs 1,800 - 1,900 will act as a downside support for the counter. 

Level of Rs 2,400 would act as a strong resistance to the prices.