Indian market touched a fresh record high on November 24 tracking a positive trend seen in other Asian markets. The Nifty50 surpassed the 13,000 mark for the first time while the S&P BSE Sensex also climbed above 44,500 levels.
Final tally on D-Street – the S&P BSE Sensex rose 445 points to 44,523 while the Nifty50 rose 128 points to close at 13,055 on Tuesday.
Sectorally, the action was seen in banks, realty, auto, realty, finance, and healthcare stocks while some profit taking was seen in the telecom index.Stocks like Adani Ports which rose over 4 percent, M&M Financial Services rallied more than 5 percent, and Bharti Infratel wipes out gains and closed flat were some of the stocks in focus. Bharti Infratel has rallied by about 18 percent so far in November.
We have collated views of experts on what investors should do when the market resumes trading on 25 November:
Hence, as long as it sustains above 160 levels, a higher target of 190 can be expected. Positional traders can consider fresh buying at current prices and should be prepared to add in the zone of 162 - 160 levels and look for a target of 180. A Stop Loss suggested for the trade is close below 158.
This stock may remain vulnerable for a profit booking as it rallied from the lows of 188 to 238 levels in just three trading sessions.
Moreover, it is nearing a critical resistance point of 242 levels where prices in the past were capped for several weeks by paving the way for a bigger correction.
In case if it sustains above 242 levels then the next target can be around 260 levels. At this juncture, booking profits seems to be the safest idea as the risk-to-reward ratios don’t permit a long side trade.
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.