Buy, Sell or Hold: What should investors do with Tube Investments, Great Eastern Shipping Company, Grindwell Norton?
The Indian market opened strongly surging by more than one per cent on back of several factors, including positive global markets, reduced selling by FPIs, among others.
The Indian market opened strongly surging by more than one per cent on back of several factors, including positive global markets, reduced selling by FPIs, among others.
Benchmark Nifty50 was seen attempting 16,600 after opening at 16,562.80, primarily led by oil & gas and IT stocks on Wednesday. Similarly, the Sensex gained more than 700 points to open at 55,486.12.
Strong buying interest was seen in small cap, Midcap and Oil & Gas, IT and Metal stocks in the late morning trade. Reflecting the bullish behaviour, Nifty Midcap and Smallcap rose higher by 0.6% and 1.4% around 10.30 am. Similarly, Nifty Oil & Gas, IT and Metal indices were seen trading with gains of 1.6%, 1.9% and 1.5% respectively.
As per V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, there were several factors that contributed to sharp 8% pullback in Nifty from the June lows of 15183.
"The US markets have rebounded sharply driven by impressive corporate earnings. Second, FPI selling appears to have bottomed out. The dollar index declining to 106.6 from above 108 is likely to persuade FPIs to buy rather than sell. Third, the relief announced by the government for the petroleum sector through reduction in windfall tax and cuts in duties on exports will be a major boost for the sector, particularly for RIL," the expert said.
Meanwhile, certain stocks came in focus on Tuesday. These stocks were Tube Investments of India, Great Eastern Shipping Company and Grindwell Norton.
Here is what Akhilesh Jat, Category Manager - Equity Research, suggests investors should do with these stocks.
Tube Investments of India| Buy: 2300; SL: 2170; TGT: 2440
Share price of Tube Investments of India closed positive for third consecutive day on Tuesday, during the session prices surged as much as 15 per cent on the NSE after its wholly owned subsidiary, TI Clean Mobility (TICMPL), has entered into definitive agreements for acquisition of 65.2% in the equity share capital of IPL Tech Electric. The stock has given the breakout of its major resistance level and surpassed its previous lifetime high with marginally higher volume, which suggests more upside in the prices.
Great Eastern Shipping Company | Buy: 445; SL: 430; TGT: 465
Shares of Great Eastern Shipping Company surged over 11 per cent intraday on 19 July 2022 to trade above its multi-year high. Stock is trading in Higher-High & Higher-Low formation and sustaining above its 21, 50 & 200-Days Exponential Moving Averages. Momentum oscillators RSI continue its Higher Low formation and MACD indicator sustaining above zero levels with positive crossover suggests prices may continue its upward movement in upcoming sessions as well.
Grindwell Norton | SELL: 1655; SL: 1690; TGT: 1615
As on 19th July 2022 share price of Grindwell Norton opened on flat note and trading with negative sentiments throughout the day. The stock has witnessed the breakdown of its nine trading sessions consolidation and closed in red for second straight day. Momentum oscillators RSI head downwards and stood below the centreline suggests the negative movement in the prices.
(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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10:56 AM IST