Indian market closed in the red for the second consecutive day in a row on the December F&O expiry day on Thursday.

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Benchmark indices managed to bounce back from crucial support levels which is a positive sign. The Nifty50 closed above 17200 levels.
 

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Sectorally, buying was seen in IT, healthcare, consumer durables, and telecom stocks while selling pressure was visible in energy, oil & gas, and metals.

Stocks that were in focus include HEG that closed with gains of nearly 13 per cent, Suzlon Energy closed with gains of nearly 5 per cent and Tata Tele closed with gains of nearly 5 per cent on Thursday.

Here's what Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in, recommends investors should do with these stocks when the market resumes trading today:

 

Tata Tele: Buy

This counter seems to be in a steady uptrend as it rallied from the lows of 34 to a high of 196 in the last 4 months. In fact, this counter turned out to be a 100 bagger from March 2020 lows of 1.80 levels.

Hence, if someone was fortunate enough to have bought it at much lower levels then they should book profits.

However, short-term traders should place a stop below 178 on a closing basis and look for a target of 228 levels.

Considering the sharp spike in the price action and its behavior of hitting circuits consistently we will not be comfortable in advising fresh long positions in this counter.

Suzlon Energy: Avoid

This counter seems to have embarked on a short-to-medium-term uptrend as it picked up momentum after 3 months of extremely narrow consolidation.

Hence, if the stock sustains above 8.80 levels, it can extend its up move towards 14. However, such penny stocks are bound to remain vulnerable for sudden trend reversals due to poor fundamentals.

Hence, we advise traders to stay away from such counters unless they are aware of key fundamental developments taking place in these counters.

HEG: Buy on Dips

The stock saw a strong price appreciation on the back of huge volumes hinting at the end of multi-week correction from the highs of 2629 with a durable bottom at the recent low of 1513 levels.

Hence, dips can be a buying opportunity. As long as this counter sustains above 1628 levels one can look for an initial target of 2100 levels.

Any dip into the zone of 1745 to 1717 can be an opportunity to create fresh longs with a stop below 1628 levels on a closing basis.      

(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.)