Indian market closed in the red on Thursday for the second consecutive day. The S&P BSE Sensex fell nearly 90 points while the Nifty50 managed to hold on to the 17200 level on a closing basis.

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Sectorally, buying was seen in metals, energy, oil & gas, and IT stocks while selling was seen in banks, consumer, finance, and auto stocks.

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Stocks that were in focus include Hindalco which closed 2 per cent higher, Zee Entertainment rallied more than 16 per cent, and Mahindra Logistics closed with gains of over 4 per cent on Thursday.

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

Hindalco: Buy| Target Rs 690

Despite breaking into uncharted territories, this counter seems to be on the verge of a breakout from a 52-week, ascending channel. A sustainable close above 630 can facilitate such a breakout with much bigger targets.

However, a sharp rally from the lows of 555 in the last 6 trading sessions may result in a profit booking. Therefore, positional traders who already own this counter shall place a stop below 610 on a closing basis.

Even fresh buying can be considered at these levels or on a close above 630 for an initial target placed around 690 levels.  

Zee Entertainment: Buy

Strong upmove on the back of huge volumes is hinting that this counter has embarked on a fresh leg of the uptrend. Hence, sustaining above 281 levels it can initially head to 330 levels.

However, the steep price appreciation of the last session left a bullish gap in the zone of 261 – 281. Hence, it may remain vulnerable for profit booking in the next couple of sessions.  

While fresh buying for the short-term traders is not advisable but a dip can be an opportunity to create fresh long positions with a stop below 280 on a closing basis.      

Mahindra Logistics: Buy| Target Rs 497

This counter seems to be making attempts to embark on a sustainable pullback move as it registered a decent price appreciation, on relatively higher volumes in the last trading session.

Interestingly this counter is making such a move after a multi-week consolidation hinting that a durable bottom may be in place at recent lows.

Hence, sustaining above 440 levels it can head to a much higher level with targets placed around 520.

Therefore, positional traders can into this counter with a stop below 440 levels and look for a target of 497.      

Analyst disclosure: Neither I nor my clients own any of the scrips discussed above.    

(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.)