Buy, Sell or Hold: What should investors do with Triveni Engineering, GHCL and Balrampur Chini?

Indian markets closed in the green on Monday for the fifth consecutive day. The S&P BSE Sensex rallied more than 900 points while the Nifty50 closing above 16800 levels.

Sectorally, buying was seen in banks, IT, finance, and auto stocks while selling was seen in realty, oil & gas, and power stocks.

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Stocks that were in focus include Triveni Engineering, Balrampur Chini Mills and GHCL which closed with gains of over 10 per cent, 3 per cent and 6 per cent respectivelyon Monday.

Here's what Jatin Gohil, Technical Analyst at Reliance Securities, recommends investors to do with these stocks:

Triveni Engineering: Recommendation: Buy on dips | Target: Rs400 | Time Duration: 1-2 Months

Since 27 November 2020, the stock remained above its 20-week EMA and witnessed an exponential rise. For the week ended 25 February 2022, the stock tested that moving average and resumed its up-move.

On 14 March 2022, the stock recorded a new high of Rs 358.20 with a relatively high volume. Historically, the stock witnessed a pullback or time-wise correction after such a sharp up-move.

In case of a pullback, the stock will find support around the Rs 300-280 zone, which will provide a better risk-reward for a fresh long position.

Major technical parameters are in favor of bulls, which could lead the stock towards Rs 400.

On the lower side, its 20-week EMA will continue to work as a key reversal point, which is now placed at Rs253.

Balrampur Chini: Recommendation: Buy on dips | Target: Rs600 | Time Duration: 1-2 Months.

On 11 March 2022, the stock surpassed its near-term supply zone (i.e. placed between Rs447-460) convincingly.

Later, the stock extended gain and recorded a new high of Rs 515 with a relatively higher volume. The rise in future open interest (OI) and an increase in volume signals that major market participants are in favor of bulls.

We believe that the stock will keep exploring uncharted territory, which could take it towards Rs600.

As per the change in polarity principle, its prior supply zone (Rs 447-460) will act as a support zone, which will provide a better risk-reward for a fresh long position.

In case of decline, the stock will find major support around its 200-day SMA, which is placed at Rs364.

GHCL: Recommendation: Buy on dips | Target: Rs 600 | Time Duration: 1-2 Months

On 11 March 2022, the stock witnessed a breakout from a wide range of consolidation (Rs 360-480) and extended gain subsequently.

A rise in delivery volume signals that market participants are still in favor of bulls. The stock has the potential to move towards its revised upper band of the range, which is placed around Rs 600.

In case of pullback, the stock will find support around its breakout point, which is placed around Rs 480. On the lower side, the stock will find support around the Rs 440-420 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.)