GMR Infra, MMTC and APL Apollo Tubes shares: Buy, Sell or Hold-What should investors do with these counters?
The Indian market was trading with extreme volatility on Friday.
The Indian market was trading with extreme volatility on Friday. After opening higher on Friday, the Indian market dropped tracking weakness in the global market and FIIs selling on Thursday. Benchmarks Nifty50 opened near 17,600 and Sensex gained around 200 points in the opening session amid support from broader market and sectoral indices.
All sectoral indices traded in the green, while Nifty Midcap and smallcap gained half per cent each in the opening session.
Earlier, certain stocks came in focus on Thursday. These stocks were GMR Infrastructure, MMTC and APL Apollo Tubes. GMR Infra rose one and half per cent to Rs 39.05 per share on the BSE. MMTC gained around one per cent to Rs 42.40 and APL Apollo Tubes dropped a little over half per cent to Rs 1023.40 per share in BSE intraday trade on Friday.
Here is what Gaurav Ratnaparkhi, Head of Technical Research at Sharekhan by BNP Paribas, recommends investors should do with following stocks
GMR Infrastructure
The stock has broken out from a large base triangle pattern, which is spanning over last 3-4 months. So, it has turned positive not only for the short term but also for the medium term. The price breakout is supported by momentum indicators as well. Going ahead, 38.50-39 will be the initial hurdle zone beyond which the stock can target the level of 45
MMTC
The stock recently attempted to move out of a multi month consolidation. However, there was no follow through buying. The stock crossed its 200 DMA early this week however couldn’t sustain in the higher territory. Structurally, it has again fallen back into the consolidation range. Thus, 39-45 is expected to be the trading range for the counter.
APL Apollo Tubes
Post a sharp rally from the beginning of July till mid-August, the stock had a short-term correction in the second half of August. It received support near the daily lower Bollinger Band & the 200 DMA where it is attracting fresh round of buying. Unless the stock breaks the level of 930, it is expected to head towards 1150
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