Buy, Sell or Hold: What should investors do with Triveni Turbine, Tatva Chintan Pharma & CG Power?
Stocks that were in focus on Wednesday include Triveni Turbine that closed flat after hitting fresh 52-week high, Tatva Chintan closed with gains of over 3 per cent and CG Power & Industries closed with gains of 5 per cent.
Indian market closed in the red on Wednesday tracking weak global cues. Bears pushed the S&P BSE Sensex lower by more than 200 points while the Nifty50 managed to close just above 18200 levels.
Sectorally, buying was seen in IT, healthcare, consumer discretionary, and telecom stocks while selling pressure was visible in metals, banks, energy, and oil & gas space.
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Stocks that were in focus include Triveni Turbine that closed flat after hitting fresh 52-week high, Tatva Chintan closed with gains of over 3 per cent and CG Power & Industries closed with gains of 5 per cent.
Here's what Santosh Meena, Head of Research, Swastika Investmart Ltd, recommends investors should do with these stocks when the market resumes trading today:
Triveni Turbine: Buy on Dips
The counter was continuing its bullish momentum with higher top higher bottom formation however it witnessed profit-booking from the resistance of upsloping trendline that is currently placed at 195 level.
The 195-200 area may act as a near-term top and stock may see a short correction towards 140 levels, but the overall trend is bullish, and any dip will be buying opportunity while a move above 200 can lead to a fresh expansion phase towards 240/270 levels.
Tatva Chintan Pharma: Buy
The counter doesn't have much trading history, but it manages to take out its high made on a listing day which is a positive sign and that may lead to a further rally in this counter.
On the upside, 3000 will be the next psychological hurdle while 2550-2450 area will act as a strong demand zone.
CG Power: Profit Taking
The counter is witnessing a vertical rise and continuing its strong bullish momentum despite most of the momentum indicators being in overbought territory.
It has taken out a multi-month hurdle of 122 but 160-170 is an immediate trendline resistance zone where we could see some profit booking otherwise the momentum is likely to continue towards the 200 level.
On the downside,130-125 will be the first demand zone while 95-90 will be the critical demand zone at any meaningful correctio.
(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.)
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