Indian market closed in the red for the second consecutive day in a row. The S&P BSE Sensex fell over 500 points while the Nifty50 closed below 17400 levels.

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Sectorally, selling pressure was seen in realty, media, PSU bank, and energy shares while buying was visible in IT space.

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Stocks that were in focus include Minda Industries that closed with gains of nearly 10 per cent, Borosil Renewables ended with gains of nearly 5 per cent, and Tata Teleservices ended with gains of about 5 per cent.

Here's what Jatin Gohil, Technical Analyst at Reliance Securities, recommends investors to do with these stocks when the market resumes trading today:

Minda Industries: Buy | Target Price: Rs1,250

We believe that the stock will continue its undergoing positive momentum and will keep exploring uncharted territory.

On 13th Dec’21, the stock extended gain after a gap-up opening and recorded a new high of Rs1,060 on the back of positive development.

A substantial rise in the volume, which indicates major market participants are in favor of the bulls. The stock is in a strong up-trend. The stock has already rallied by about 160 per cent so far in this calendar year.

Major moving averages are sloping upwards, and the key technical indicators are positively poised on medium-term as well as long-term timeframe charts.

This could lead the stock towards Rs1,200-Rs1,250 zone. In case of any decline, the stock will find supports between Rs955 and Rs925.

Borosil Renewables: Recommendation: Partial profit-booking

We believe that the stock may sleep into a time-wise correction zone before a noticeable rise. Continuing its prior daily rising trend, the stock recorded a new high of Rs624.30.

The stock has already risen more than 100 per cent so far in the calendar year. Historically, the stock remained sideways after such a stellar rally.

The key technical indicators tested the overbought zone on the medium-term timeframe chart and are on the verge of a reversal.

Tata Teleservices: Recommendation: Profit booking

We believe that the stock will either slip into a time-wise correction zone or witness a short-term decline.

The key technical indicators tested their overbought zone on a medium-term timeframe chart and may reverse down.

Historically, the stock witnessed profit booking after such a reversal from the overbought zone.

After surpassing its long-term hurdle of Rs57 in Nov’21, the stock witnessed a sharp up-move subsequently and recorded new high of Rs155.65.

From its lifetime low of Rs1.80, the stock witnessed an 8500% rise. Hence, after such a gigantic up-move, profit booking cannot be ruled out.

(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.)