Buy, sell or Hold: What should investors do with JBM Auto, Ingersoll Rand and Macrotech Developers?

The Indian markets witnessed a rebound on Wednesday after closing in the red in the previous trading session.

Stocks that were in focus include JBM Auto that hit a fresh 52-week high of Rs 969, Ingersoll-Rand hits a fresh 52-week high of Rs 1349.50 and Macrotech Developers trade near its 52-week high in intraday trade.

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Here's what Vijay Dhanotiya, Lead of Technical Analyst, CapitalVia Global Research Ltd, recommends investors should do with these stocks in trade today:

JBM Auto: Avoid going long

JBM Auto has been rising from the trendline support in the daily charts. We can see channel formation in the daily chart and breakout near 800.

The stock has taken the support around its 55 & 200-Days EMA line. We have observed indicators like EMA and MACD indicating the stock is in the overbought sought zone and the momentum in the stock is likely to break. We don’t recommend taking a position in the stock from these levels.

Ingersoll-Rand: Buy

The stock is in a bullish trend and has given a weekly candle breakout. We can see the channel breakout on the daily chart near 1265. The stock has been rising from the support of 55 EMA lines in the daily charts.

We have observed momentum indicators like EMA and RSI, indicating that the momentum in the stock is likely to continue. We recommend a buy in Ingersoll-Rand above 1326 with a target of 1500 and a stop loss of 1162.

Macrotech Developers: Buy

The stock is in a bullish trend and is trading near the breakout level on the daily chart. The stock has taken the support around its 55 and 200-Days EMA Line in daily and weekly charts.

We have observed indicators like EMA indicating the momentum in the stock is likely to continue. We recommend a buy in Macrotech Developers above 1415 with a Target of 1600 with a Stop loss of 1190.

(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.)