Buy, Sell or Hold: What should investors do with Tata Tele, Elgi Equipment & Macrotech Developers?

Indian market failed to hold on to the gains on Tuesday and closed lower. The S&P BSE Sensex fell nearly 200 points while the Nifty50 closed below 17000.

Sectorally, buying was seen in consumer durables, IT, realty, and consumer discretionary stocks while profit booking was visible in metals, energy, and banks.

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Stocks that were in focus on Tuesday included Tata Tele that closed with gains of about 5 per cent, Elgi Equipment, which closed with gains of nearly 2 per cent and Macrotech Developers that fell over 1 per cent.

Here's what Vijay Dhanotiya, Lead of Technical Research at CapitalVia Global Research Limited, recommends investors should do with these stocks when the market resumes trading today:

Tata Teleservices: Buy

TTML has been rising from 55 and 200-Days EMA lines support on the daily charts. We can see that the stock has gained momentum from the support of EMA line and is likely to continue its bullish sentiments.

Higher high candle formation on the daily and weekly charts also confirms that the rally will continue further. We recommend a buy in TTML above 112 with a target of 172, and a stop loss can be placed below 53.

Elgi Equipment: Buy

The stock is in a bullish trend and has given monthly and weekly candles breakout. The stock has been rising from the support of 55-Days EMA lines on the daily charts.

We have observed momentum indicators like EMA and MACD, indicating that the momentum in the stock is likely to continue. We recommend a buy in ELGIEQUIP above 281 with a target of 390, and a stop loss can be placed below 197.

Macrotech Developers: Buy

The stock is in a bullish trend and has given a breakout level on the daily chart. The stock has taken the support of 55-and 200-days EMA Line on the daily and weekly charts.

We have observed indicators like EMA indicating the momentum in the stock is likely to continue. We recommend a buy in Macrotech Developers above 1470 with a target of 1670, and a stop loss can be placed below 1280.

(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.)