Buy, Sell or Hold: What should investors do with Poonawalla Fincorp, Latent View & Rain Industries?
Indian market snapped 2-day winning streak on Wednesday and closed marginally in the red. The S&P BSE Sensex fell nearly 100 points while the Nifty50 managed to close above 17200 levels.
Indian market snapped 2-day winning streak on Wednesday and closed marginally in the red. The S&P BSE Sensex fell nearly 100 points while the Nifty50 managed to close above 17200 levels.
Sectorally, buying interest was seen in healthcare, auto, and capital goods stocks while selling pressure was seen in metal, public sector, and power stocks.
See Zee Business Live TV Streaming Below:
Stocks that were in focus include Poonawal Fincorp that closed with gains of nearly 10 per cent, Latent View rose over 9 per cent, and Rain Industries closed with gains of over 11 per cent on Wednesday.
Here's what Santosh Meena, Head of Research, Swastika Investmart Ltd, recommends investors should do with these stocks when the market resumes trading today:
Rain Industries: 240 crucial for a breakout
The counter is in a strong uptrend where it is breaking out from a Triangle formation. It created a strong base near 200-DMA.
However, 240 is an immediate trendline resistance where it may see some pause but above this, it is likely to head towards 280 levels.
On the downside, Rs. 204 is major support at any correction while 190-192 is the next critical demand zone. MACD and RSI are supporting the strength of the current movement.
Poonawalla Fincorp: Buy
The counter is in a classical uptrend and continuing its higher highs and higher low formation where it is bouncing back from the cluster of 100 and 50-DMA with a strong jump in volume.
The previous breakout level of 190 will act as a strong base now whereas the upside is open for an immediate target of 240/280 levels. Momentum indicator RSI is witnessing positive crossover after creating a base at the 50 mark.
Latent View: Buy
We have a short historical chart of Latent view; however, it has created a strong base around 488 level because it didn't witness closing below 488 level since its listing.
It is likely to continue its upside momentum towards the next resistance zone of 580-600. Momentum indicator RSI is witnessing positive crossover from oversold territory.
(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.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Senior Citizen Latest FD Rates: Know what major banks like SBI, PNB, Canara Bank, HDFC Bank, ICICI Bank are providing on fixed deposits
Gratuity Calculator: Rs 38,000 as last-drawn basic salary, 5 years and 5 months of service; what will be gratuity amount?
Retirement Planning: In how many years your Rs 25K monthly SIP investment will grow to Rs 8.8 cr | See calculations
Top 5 Small Cap Mutual Funds with best SIP returns in 1 year: See how Rs 25,000 monthly investment has grown in each scheme
Top 7 SBI Mutual Funds With Best SIP Returns in 1 Year: Rs 25,000 monthly SIP investment in No.1 fund has jumped to Rs 3,58,404
Top 7 Mid Cap Mutual Funds With up to 41% SIP Returns in 5 Years: No 1 fund has converted Rs 15,000 monthly investment into Rs 23,84,990
SBI 5-Year FD vs MIS: Which can offer higher returns on a Rs 2,00,000 investment over 5 years? See calculations
09:03 AM IST