The domestic equity market started on a high note on Tuesday and further gained strength amid positive global cues, Q2 business updates and reversal in Foreign Institutional Investors' (FIIs) data. The FIIs turned net buyer in the Indian cash market with a buying of Rs 590.58 crore, as per exchange data. Besides, the three major US market indices closed over two per cent higher on Monday, while the Asian markets too gained on Tuesday.  

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In Tuesday's intraday trade, ahead of the stock market holiday on Wednesday, benchmarks Nifty50 an Sensex gained more than two per cent. The 30-share Sensex surged nearly 1200 points to trade near 58,000, while the Nifty50 jumped more than 350 points to trade around 17,250.  

In the broader market Nifty Midcap and small cap traded higher by 2.2% and 1.70% respectively. Sectorally, all Nifty indices sat comfortably in the green as Bank, Auto, Metal and IT indices drove a rally amid Q2 business updates.  

Earlier, some stocks came in focus based on their movement on Monday. These stocks were Cochin Shipyard, Triveni Turbine and Oracle Financial Services Software. 

On Tuesday, shares of Cochin Shipyard traded around one per cent higher, Triveni Turbine gained more than five per cent and Oracle Financial Services Software rose around two and half per cent in BSE intraday trade. 

Here is what Jatin Gohil - Technical and Derivative Research Analyst at Reliance Securities, recommends investors should do with these stocks.  

Cochin Shipyard – Buy  

Continuing its prior daily rising trend, the stock moved towards its highest level of Jan’20 (Rs 491.70). The key technical indicators are positively poised on long-term as well as medium-term timeframe charts. The stock has potential to move towards its life-time-high of Rs599. However, the stock may oscillate in the narrow range (Rs500-465) or witness near-term decline before a fresh up-move, as its short-term indicators stuck around the overbought zone. In case of any decline, as per the change in polarity principle, the stock will find support around its medium-term supply zone Rs435-425 zone. A fresh long position can be initiated on dips, while existing ones can be trailed around its medium-term supply zone. 

Triveni Turbine - Buy  

The stock extended its gain after surpassing its medium-term supply zone (placed between Rs224 and 232) and recorded a new high of Rs262. The stock is positively poised above its major moving averages. The key technical indicators are in favor of the bulls on long-term as well as medium-term timeframe charts. As mentioned earlier, a stable move above that supply zone could lead the stock towards Rs290 initially and Rs310 subsequently in the medium-term. On the lower side, its 20-day EMA (Rs228) will continue to work as a reversal point for the stock. A fresh long position can be initiated on dips, while existing ones can be trailed with its 20-day EMA for a probable rise. 

Oracle Financial Services Software - Exit  

Since Oct’21, the stock remained in tremendous pressure and still not given any sign of reversal. The stock is trading below its key moving averages on medium-term as well as short-term timeframe charts. The key technical indicators are negatively poised.  

This could drag the stock towards Rs2,800 initially and Rs2,650 subsequently. On the higher side, the stock will face hurdles around the recent swing high of Rs3,420. A stable move above recent swing high will invalidate probable decline in the stock and may support a strong reversal. 

(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.)