Buy, Sell or Hold: What should investors do with IndusInd Bank, Phoenix Mills and HOEC?

Indian market closed in the green for the third consecutive day in a row on Thursday following positive global cues. Benchmark indices closed with gains of more than 1 per cent pushing both Sensex, and Nifty50 above crucial resistance levels.

Sectorally, buying was seen in FMCG, realty, metals, power, auto and finance indices. The S&P BSE Mid-cap and Small-cap indices also closed with gains of over 1 per cent each.

Stocks that were in focus include IndusInd Bank which closed 3 per cent higher, Phoenix Mills rallied more than 3 per cent, and HOEC closed with gains of over 9 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:

IndusInd Bank: Buy above Rs 934

Despite the gap-up opening, this counter registered an indecisive formation. Hence, going forward, it remains critical for this counter to sustain above the bullish gap zone of 890 – 880 levels registered in the last trading session.

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On the upsides, 934 seems to be the immediate hurdle. Once it manages to push through the said hurdle, 990, is quite possible.

Therefore, short term traders should buy into this counter only above 934 whereas existing investors should hold the counter with a stop below 880 levels.  

Phoenix Mills: Hold

This counter is in a multi-week consolidation zone between 1040 and 890 levels. On multiple occasions in the past, it bounced from the lower end of the 890 levels.

Hence, sustaining above that, it should ideally head towards the upper band of the consolidation zone.

However, for the time being, investors who own this counter should hold with a stop below 900 on a closing basis and look for a target of 990 whereas fresh buying should be considered on dips.               

Hind Oil Exploration: Hold

A strong up move of the last 4 trading sessions is hinting that this counter embarked on a sustained pullback swing.

Interestingly, sharp price appreciation seen in the last trading sessions on the back of relatively higher volumes is acting as a durable bottom at recent lows.

Hence, any dip can be a buying opportunity. For time being investors who bought at lower levels can hold with a stop below 279 whereas fresh buying can be considered on a dip into the zone of 295 – 290 levels.

Investors can look for an initial target of 327 and beyond that, a higher target of 358 cannot be ruled out.   

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.)