The Indian market ended negative for the second consecutive day on Tuesday tracking its global peers. Benchmarks Nifty50 and the Sensex dropped 0.8% and 0.6% as hyperinflation and risk of a policy rate hike. The broader Nifty50 slipped 17,600 to close at 17,530, while the Sensex declined more than 300 points as the 30-share index closed below 58,600.  

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The 12-share Nifty Bank outperformed benchmarks as the banking index ended higher by nearly 0.4% on Tuesday. In the broader market, Nifty midcap and small cap faced tremendous sell-off as both the indices settled with more than 1.5% loss after outperforming benchmarks indices in the last few sessions.  

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Stocks those were in focus on Tuesday include Mazagaon Dock, Rites and Sanofi India. Mazagaon Dock traded on 52-week high value and closed with nearly 9% gains on Tuesday, Rites shares too ended with over 4% gains, while Sanofi India dropped around 1% even as the company announced Rs 181 per equity share special dividend.  

Here is what Jatin Gohil - Technical and Derivative Research Analyst at Reliance Securities, recommends what investors should do with these stocks when market resumes trading today 
 

Mazagaon Dock 

Recommendation: Profit booking 

On 4th April’22, the stock witnessed breakout from a downward sloping trendline and extended gain subsequently. Continuing its prior daily up-trend, yesterday the stock recorded new high of Rs333. Due to such a sharp rise in the stock, its key technical indicators tested overbought zone. Historically, the stock reversed after an identical up-move on the back of profit booking. On the higher side, the stock will face hurdles around Rs350-355 zone. 

RITES 

Recommendation: Buy on dips | Target: Rs315 | Time Duration: 1-2 months 

On 12th April’22, the stock surpassed its short-term hurdle zone (Rs265-270) convincingly and rose to 4 ½ month high with relatively higher volume. The key technical indicators are positively poised on the short-term timeframe chart. This could lead the stock towards Rs300 initially and Rs315 subsequently. In case of decline, the stock will find support around Rs250-245 zone. 

Sanofi India 

Recommendation: Sell | Target: Rs6,200 | Time Duration: 3-4 Months 

After a higher-level reversal, the stock witnessed a pullback and resumed its down-move subsequently. Major technical indicators are negatively in favor of bears on medium-term timeframe chart. This could drag the stock towards Rs7,000-6,800-6,200. On the higher side, Rs7,900-8,000 zone will cap the up-move. However a stable move above that zone could invalidate probable decline. 

(Disclaimer: The views/suggestions/advice expressed here in this article are solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)