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.
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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.)
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