Buy Sell or Hold: What should investors do with BBTC, Gujarat Alkalies and Great Eastern Shipping Company?

Strong buying interest from domestic investors and expecting record GST collection in April, the domestic equity market closed with gains of nearly one and half per cent on Tuesday. Benchmarks Nifty50 and Sensex rose by 1.46% and 1.37% respectively as former held on to 17, 200 and the latter closed above 57,30  

"Strong buying interest from domestic investors and positive global trend resulted in a rebound. But volatility persists due to lockdown in China, Russia – Ukraine war and rate hikes. However, dips are encouraging investors to accumulate quality stocks," said Vinod Nair, Head of Research at Geojit Financial Services. 

In a range bound market, it is advised to stick with sectors which are expected to be least impacted by inflation and rising bond yield, banking, IT, Pharma and themes like green energy, he added.  

In the broader market, Nifty mid cap and small cap too rose 1.6 and 1.1% respectively as India VIX settled near 19-mark. 

Buying interest was seen in almost all sectors, but Nifty realty (3.5) and auto (2.8%) gained the ost on Tuesday.  

Meanwhile, as the market snapped a two-day losing streak, certain stocks came in focus on Tuesday. These stocks were BBTC, Gujarat Alkalies & Chemicals and Great Eastern Shipping Company. On Tuesday, BBTC closed with gains of more than 8%, Gujarat Alkalies rose over 11% and Great Eastern Shipping Company dropped more than 5%.  

Here is what Vijay Dhanotiya, Lead Technical Research at CapitalVia Global Research, recommend investors should do with these stocks when the market resumes trading today.  
1. BBTC 

BBTC has reversed from the support levels and has given a breakout recently. We have observed the momentum indicators like RSI and MACD indicating positive momentum is likely to continue. We recommend Buy on the stock above 1050 with a Target of 1250 and Stop Loss of 850. 

2. GUJARAT ALKALIES & CHEMICALS 

Gujarat Alkalies has been trading in an ascending channel and has given the breakout of the ascending channel. It has continued the positive momentum since the breakout. We recommend a Buy on the stock near the level of 1040 with a Target of 1200 and Stop Loss of 900. 

3. GREAT EASTERN SHIPPING COMPANY 

GESHIP has given the breakout of an ascending channel and has picked up momentum since then. We expect this momentum is likely to continue. We recommend a Buy on the stock above 400 with a Target of 540 and Stop Loss of 280.