Buy, Sell or Hold: What should investors do with Cipla, Bandhan Bank and Greaves Cotton?

Indian markets fell more than 2.6 per cent on Monday tracking weak global cues. The S&P BSE Sensex fell by over 1500 points, while the Nifty50 broke below the 17,200 levels.

Sectorally, selling pressure was seen in realty, metals, consumer durables, and energy stocks. The S&P BSE Midcap index fell 3.8 per cent, while the S&P BSE Smallcap index closed with losses of 4.4 per cent on Monday.

Stocks that were in focus included Cipla, which closed with gains of nearly 3 per cent, Greaves Cotton closed with losses of nearly 10 per cent, and Bandhan Bank rose 4 per cent.

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Here's what Jatin Gohil, Technical Analyst at Reliance Securities, recommends investors should do with these stocks when the market resumes trading today:

Cipla: Recommendation: Buy| Target: Rs 995

The stock reversed losses after testing its short-term support zone (Rs885-860) and bounced subsequently. The daily RSI again reversed from its bull-market support zone (40-33) and gave a buy signal.

We believe that the stock will witness further up-move, which could take it towards Rs955 initially and Rs995 subsequently. On the lower side, the stock will find major support around Rs850.

Bandhan Bank: Recommendation: Buy| Target: Rs365

The stock bounced after two consecutive downticks and rose to a 9-week high. A substantial rise in volume and increase in its future open interest (OI) signals that major market participants are in favour of bulls.

The key technical indicators are positively poised on the short-term timeframe chart. The stock has the potential to move towards Rs348 initially and Rs365 subsequently.

In case of any decline, the stock will find support around its Rs 285-280 zone.

Greaves Cotton: Recommendation: Buy on dips | Target: Rs295

Since 3rd Jan’2022, the stock witnessed a price-volume action and later, explored uncharted territory. After such a stellar rally, profit booking dragged the stock down and erased partial gain.

Major moving averages are sloping upwards on the short-term timeframe chart, while the key technical indicators reversed from their overbought zone and are negatively poised.

As per the current setup, the short-term decline cannot be ruled out before a fresh up-move takes place.

On the lower side, the stock will find support around Rs 185-175 zone. A stable move above Rs 240 will be positive, which could lead the stock towards Rs295.

(Disclaimer: The views/suggestions/advices expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)