The stock market has been on a roll with the Sensex reclaiming the 60,000-mark and the Nifty50 touching 17,900 level for the first time since April 6, 2022. Positive global cues, consistent buying from Foreign Institutional Investors and softening oil prices have been dubbed as major causes of the recovery in the market.  

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As on August 16, the market has closed in the green on six consecutive occasions since August 5 and was heading for yet another strong closing with the benchmark indices trading higher on Wednesday.  

In the afternoon trade, the Nifty50 surged around 0.70% to trade at the day's high of 17,945.10, while the Sensex rose almost 400 points to trade at 60,245.90.  

Earlier, three stocks came in focus on Tuesday. These stocks were HDFC AMC, Muthoot Finance and Hikal. On Wednesday afternoon, shares of HDFC Asset Management Company were seen trading with marginal cuts at Rs 2173.50 per share, while Muthoot Finance rose more than four per cent to Rs 1082.40 a share and Hikal gained over 9% amid spurt in volumes around the same time.  

Here is what Rahul Goud, Research Analyst - Equity Research, suggests one should do with these shares. 

HDFC AMC: The HDFC Asset Management Business is the asset management company for the HDFC Mutual Fund, which is owned by Housing Development Finance Corporation Limited. Portfolio management and investment advising services are provided by the company. Since September 2021, HDFC AMC has been trading in a downward channel. Since it is currently breaking that downward pattern to the upside, it is advisable to purchase HDFC AMC at Rs. 2175 with a stop loss of Rs. 1970 and a target price of Rs. 2500.  This is over 14% return on Tuesday's closing price of Rs 2180.75 per share.  

MUTHOOT FINANCE: A non-banking financial institution (NBFI), Muthoot Finance Limited, offers loans (financing) in exchange for gold jewellery as security. Since the stock has been declining since December 2021 and is currently trading in the lower portion of an upward-sloping trendline, one should purchase Muthoot Finance at Rs. 1060 with a Rs1000 stop loss in order to reach its Rs. 1350 target price, a 29.8% return on its previous closing price.     

HIKAL: Hikal Limited manufactures a range of specialty chemicals, active pharmaceutical ingredients, chemical intermediates, and contract research projects. The business sells medications and agricultural chemicals. Hikal Ltd. is  currently taking support around its price level of around the 100 weekly moving average. As a result, a trader can buy Hikal at Rs 315 cmp with a Rs 280 stop loss and a Rs 380 target price, an upside of over 29% on Yesterday's closing price.  

(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.)