Indian market closed with gains of over 1 per cent on Wednesday following positive global cues. The S&P BSE Sensex rose more than 1000 points, while the Nifty50 closed above 16900.

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Sectorally, buying was seen in realty, metals, oil & gas and consumer durables. The S&P BSE Small-cap index rose 1.4 per cent, and the S&P BSE Mid-cap index gained 1.8 per cent.

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Stocks that were in focus include Gujarat Ambuja Exports which closed with gains of over 12 per cent, JK Paper rallied nearly 10 per cent and Bharat Dynamics rallied over 6 per cent on Wednesday.

Here's what Santosh Meena, Head of Research, Swastika Investmart Ltd, recommends investors should do with these stocks when the market resumes trading today:

Gujarat Ambuja: Book Profits

The counter is showing strong bullish momentum and it has witnessed a breakout of broadening wedge formation that may lead to further strength towards the 300 level.

On the downside, 243-225 are immediate and strong support levels. It is trading above its all-important moving averages and momentum indicators are also positively poised. However, most of them are heading towards an overbought zone and that may lead to profit booking near the 300-mark.

JK Paper: Profit booking

The counter is witnessing a furious rally after a breakout from a falling wedge formation. The long-term structure is very strong, and the stock may continue to outperform.

However, the near-term chart structure is looking stretched and most of the momentum indicators are in the overbought zone, therefore, a profit booking can't be ruled out from higher levels.

On the downside, the 260-250 area will be the strong demand zone at any pullback.

Bharat Dynamics: Profit booking

The counter is moving in a beautiful upsloping channel formation since September 2020 and currently, it is trading near the higher end of the channel.

Therefore, there is a risk of profit booking around 570 level but if it manages to close above 570 level then we can expect a fresh expansion phase for higher levels.

On the downside, 510-500 will be the immediate support area while 480 will be a strong support level at any correction.

(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.)