Buy, Sell or Hold—What should investors do with CreditAccess Grameen, Lux Industries and BSE?

The Indian market put a break to a three-day winning streak as it ended with loss of nearly half per cent on Tuesday. Benchmarks Nifty50 and the Sensex declined 0.46% and 0.6% amid profit taking in banking and financial stocks. The broader Nifty50 settled 16,584.55, while the Sensex settled at 55,566.41 as they awaited the release of Q4 GDP data.  

Rupak De, Senior Technical Analyst at LKP Securities, said trends may remain choppy going ahead.  "Nifty remained volatile during the day before closing around the middle of the range. On the higher end, it found resistance at the 50EMA on the daily timeframe," said Rupak De.  

Going forward, the trend may remain choppy as long as the index remains below 16700, he said. "On the lower end support is visible at 16400," he added. 

Meanwhile, Nifty midcap ended with marginal cuts of 0.13%, while the Nifty small cap rose by more than one per cent.  

Sectorally, Nifty Realty gained the most, followed by Media, Metal and Auto Indices. However, banking and financial stocks took the maximum beatings. 

As the market snapped a three-day losing streak, certain stocks came in focus on Tuesday as well. These stocks were CreditAccess Grameen, Lux Industries and BSE Ltd. Shares of CreditAccess Grameen ended higher by five per cent, Lux Industries dropped nearly eight per cent and BSE Ltd settled with 10% gains on Tuesday.  

Here is what Vijay Dhanotiya, Lead Technical Research at CapitalVia Global Research, suggests investors should do with these stocks when the market resumes trading on Wednesday, June 1 

CreditAccess Grameen Limited 
Buy :1100 
SL: 1045 
TGT: 1180 
 

As on 31 May 2022, share price of CreditAccess Grameen Ltd gained as much as 10.7% intraday to hit its fresh all-time high of 1129.30. Stock has given the positive closing for fifth consecutive session and gained over 79% of its market value on NSE in Calendar year 2022, so far. Momentum oscillators RSI head upwards and read at 63 which suggests that bullish momentum may carry on in the upcoming session as well. 
 

Lux Industries Limited 
Sell: 1970 
SL: 2010 
TGT: 1910 & 1880 
 

Share price of Lux Industries Limited tanked over 6% intraday after the company reported a 19% fall in its net profit. Stock is trading in Lower-High & Lower-Low formation and sustaining near to its 52-week low. If the stock slips below Rs 1970, then we can expect Rs. 1920 to 1880 level in the near term.  
 

BSE Limited

Avoid 

Shares price of BSE limited closed positive for the third consecutive session to hit its 10% upper circuit.  Stock has pulled back from its 200DEMA after the correction of nearly 37% from its all-time high. So, at current juncture, the stock is in mixed trend. It is having a demand zone of around 650-615 on the downside. While on the upside, 770 is an immediate resistance area; above this, we can expect a run-up towards 820 levels in the near term. 

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