Manappuram Finance, HLE Glasscoat and Balkrishna Industries: Buy, sell or hold—What should investors do?

The Indian market closed marginally higher on Friday. The broader Nifty 50 closed with 15.50 points (0.09%) to close near 17,400, while the Sensex ended higher by 89.13 or 0.15% to settle at 58,387.93. In the process, the market extended gains for the third straight week. The Benchmarks ended higher by 1.4% each for the week ended on August 5.  

The markets managed to end higher for the third successive week, mainly led by firm global cues, said Ajit Mishra, VP - Research, Religare Broking Ltd,   

"On the domestic front, auto sales data, favourable data of foreign inflows and MPC’s inline action on rates kept the tone positive in between. While a mixed trend across heavyweights capped the upside in the index, rotational buying kept the traders busy," he said.  

Earlier, certain stocks came in focus on Friday. These stocks were Manappuram Finance, HLE Glasscoat and Balkrishna Industries. Shares of Manappuram Finance gained more than six per cent, HLE Glasscoat rose five and half per cent and Balkrishna Industries declined nearly seven per cent on Friday.  

Here is what Amol Athawale, Deputy Vice President - Technical Research, Kotak Securities Ltd, suggest investors should do with these stocks.  

MANAPPURAM FINANCE: 

On last Friday, the stock rallied nearly 7 percent.  After a muted opening, it quickly surpassed the short-term resistance of 105. Despite tepid market conditions, Manapuram Finance LTD maintained its strong momentum throughout the day. On the short-term time frame, the stock has formed a strong price volume uptrend continuation formation The texture of the pattern suggest positive momentum will continue in the near term if stock succeeds to trade above 103 level. For the swing traders, Rs103 would be the sacrosanct level, trading above the same we can expect uptrend continuation wave up to 115-118. 

HLE Glasscoat: 

After a long correction, the stock took the support near 3050 and reversed sharply. In the last week, it has rallied nearly 20 percent and on weekly charts, it has formed a long bullish candle, which is broadly positive. However, the short-term texture of the stock is still non directional. We are of the view that 3850 would act as an immediate hurdle for the stock, above which the stock can move up to 4000-4050. On the flip side, a fresh round of selling is possible if it declines below 3600. Once the counter trades below 3600, it could retest the level of 3500-3400. 

BALKRISHNA INDUSTRIES: 

In the week gone by, the stock corrected over six percent.  After a sharp sell-off, the scrip has formed a long bearish candle on daily and weekly charts. In addition, after a long time it succeeded in closing below 200-day SMA (Simple Moving Average) which is largely negative. We are of the view that as long as its trading below 2225, the correction wave is likely to continue. Below which, it could slip till 2100-2070. On the flip side, above 2225, it could move up to 2300. 

(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.)