Buy, Sell or Hold: What should investors do with Vaibhav Global, Shree Renuka Sugars and Dilip Buildcon?

The Indian market edged lower by nearly 1% amid weak global cues on Wednesday. The broader Nifty50 held on to 17800, while the Sensex dropped about 600 points, anticipating aggressive interest rate hikes by the Federal Reserve, fears of imported inflation and uncertainty around RBI monetary policy meet outcome.  

However, outperforming benchmarks, Nifty midcap gained nearly 0.6% and the small cap index too managed to close in the green.  

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Sectorally, IT, banking and financial services stocks were worst hit as metal, PSU Bank and oi & gas shares gained in a falling market.   

Stocks that were in focus included Vaibhav Global, which ended with nearly 12% gains, Shree Renuka Sugars closed with gains of about 9% and Dilip Buildcon closed 5% higher on Wednesday. 

Here's what Santosh Meena, Head of Research, Swastika Investmart Ltd, recommends investors should do with these stocks when the market resumes trading today:   

 
VAIBHAV GLOBAL LTD – The Counter has given a downsloping trendline and Channel breakout at around Rs. 485 on the longer timeframe with the surge in volume. Technically, it is respecting its 200- day moving average (DMA). On the upside, Rs 600 is an immediate resistance level, above this, we can expect a rally towards Rs 750. On the downside, Rs 400 is an immediate demand level. 

SHREE RENUKA SUGARS – Stock is in a Classical uptrend and traveling in the upward sloping channel on the daily chart. Overall structure looks very lucrative as it trades above its 100,200 SMA moving averages, also it is having demand zone near 35. On the upside, 44 is a susceptible level; above this, we can expect a run-up towards 50+ levels in the near term. On the downside, if it will break the 35 levels then 31 is the next critical zone. 

DILIP BUILDCON – The Counter is in a downward trend but in the last few trading sessions counter has given an astute recovery from the 220-230 zone with Strong Volume which was multi-year support for the Counter. The Overall structure is distorted as it trades below its all-important moving averages however it is having a demand zone near 220-230. On the upside, 350 is an immediate susceptible area; above this, we can expect a run-up towards 400+ levels in the near term while Rs 200 is an immediate demand level. 

(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.)