Snapping three days negative closing, the Indian markets closed 0.4% higher on Monday as it made sharp recovery to end in the green amid mixed global cues.  

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

The broader Nifty managed to close above 17,200, while the Sensex ended with over 200 points gain. Benchmarks Nifty50 and the Sensex ended at 17,222 and 57,593 respectively,   

See Zee Business Live TV Streaming Below:

India's volatility Index slipped below 23-mark as Nifty midcap declined by 0.18% and small cap dropped by 0.73% in the closing trade.  

The Nifty Bank too made a U-turn to gain 300 points as the 12-share banking index closed above 35,700.  

Buying interest was seen in PSU Bank, Oil & gas, private bank and auto stocks, while Consumer Durable, IT, Pharma and Healthcare witnessed maximum sell off 

Bharti Airtel was top gainer on the indices as the telecom stock ended with gains of nearly 4%. 

Besides, stocks that were in focus included Tata Elxsi which closed 7 per cent higher, EIH rallied more than 6 per cent, and Gujarat Ambuja closed with gains of over 7 per cent on Thursday. 

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

Tata Elxsi  

Recommendation: Buy on dips | Target: Rs9,940 | Time Duration: 1-2 Months  

On 25th March’22, the stock witnessed a breakout from a short-term hurdle zone (Rs7,800-7,965) and recorded a new high. Later, the stock extended gain with relatively higher volume. Spike in volume indicates that major market participants are in favor of the bulls. Major moving averages are sloping upwards on short-term as well as medium-term timeframe charts.  The stock has potential to move towards Rs9,350 initially and Rs9,940 subsequently. As per the change in polarity principle, its prior resistance zone will work as a support zone.  

EIH  

Recommendation: Buy on dips | Target: Rs193 | Time Duration: 2-3 months 

Since late-Sep’21, the stock has stuck in a range, where it has oscillated between Rs117 and Rs147. On 28th March’22, the stock gave a breakout from its 6-month-long consolidation. The stock rose to a 27-month high of Rs161.65 with relatively higher volume. Its key technical indicators are positively poised. This could lead the stock towards Rs177 initially and Rs193 subsequently. In case of decline the stock will find support around Rs140-134 zone.   

Gujarat Ambuja 

Recommendation: Sell on rise | Target: Rs230 | Time Duration: 1-2 Months 

The stock tested its 38.2% Fibonacci Retracement of prior down move (Rs385-276) and resumed its southward journey. Major moving averages are sloping downwards on short-term and medium-term timeframe charts. The key technical indicators are in favor of bears. As per the current set-up, we believe this could drag the stock towards Rs230. On the higher side, the stock will face hurdles around Rs315-320 zone. 

(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)