Indian market closed in the green for the sixth consecutive day in a row on November 9 pushing benchmark indices to record highs.
The S&P BSE Sensex touched a fresh record high of 42,645.33 while the Nifty50 hit an intraday record high of 12,474.05. The last time when both Sensex and Nifty50 touched record highs was back on January 20, 2020.
Let’s look at the final tally on D-Street – the S&P BSE Sensex rose 704 points to close at 42,597 while the Nifty50 rallied 197 points to 12,461.
Adani Enterprises hit a fresh 52-week high of Rs 364.60, Bharti Airtel rallied nearly 5 percent, and ICICI Bank closed with gains of more than 4 percent on Monday.We have collated views of experts on what investors should do when the market resumes trading on 10 November:
Expert: Vikas Jain, Senior Research Analyst at Reliance Securities
Adani Enterprises: Hold | Target: Rs 425
The stock is one of the consistent outperformers and is holding above its short-term averages since its breakout seen in August 2020. It remains one of the top outperformers.
The stock is trading at a multi-year high and it will attempt to retest the highs of Rs 425-440 levels of 2015 over the next few months.
The positive trend will continue until Rs 315 is not breached on the downside which is the 20-day average and is holding firm since the start of the rally from August 20.
Bharti Airtel: Buy | Target: Rs 510
The stock has witnessed a sharp bounce from its 200-weeks average at sub- Rs 400 levels and recovered swiftly over the past few weeks.
The current up move can continue over the next few weeks as the price momentum and volumes are very strong.
It has strong resistance near the long-term 200-day average placed at Rs 510 levels on the higher side.
ICICI Bank: Hold | Target: Rs 490
The stock continues to outperform the broader markets with gains of 18 percent in the current month till date.
We believe that the positive momentum will witness some resistance near Rs 490 levels and remained sideways over the next few weeks. Any decline near to Rs 430 levels would be a good entry point.Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.