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Trade Spotlight: Amber Enterprises, Federal Bank and Spencer Retail in focus

Stocks like Amber Enterprises which rose nearly 13 percent, Federal Bank gained more than 7 percent, and Spencer Retail closed with gains of over 3 percent were some of the stocks in focus on Monday.
Oct 20, 2020 / 08:43 AM IST
 
 
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Indian market rallied for the second consecutive day in a row on Monday to climb above crucial resistance levels. The S&P BSE Sensex is now back above 40,000 while Nifty50 closed above 11800 levels.

Let’s look at the final tally on D-Street on Monday – the S&P BSE Sensex rose 448 points to 40,431 while the Nifty50 closed with gains of 110 points at 11,873.

Sectorally, the action was seen in banks, finance, public sector, and oil & gas space while mild profit-taking was seen in auto, telecom, healthcare, and IT stocks.

Stocks like Amber Enterprises which rose nearly 13 percent, Federal Bank gained more than 7 percent, and Spencer Retail closed with gains of over 3 percent were some of the stocks in focus on Monday.

We have collated views of experts on what investors should do when the market resumes trading on Tuesday, 20 October:

Expert: Vikas Jain, Senior Research Analyst at Reliance Securities.

Amber Enterprises: Book Profits

The stock closed at an all-time high but it lacks volume in the current momentum despite gap-up opening which was supported by positive news flow over the past few days.

RSI has inched upwards to 78 levels and risk-reward is not in favour of longs. We expect to fill the gap levels left in the week gone by and advise to book profits.

Federal Bank: Buy| Target: 65

The stock has given a breakout with sharp volumes and we expect the positive momentum to continue.

There is a minor resistance near 59 levels which is also the 200-Day average and a crossover of the same would give an extended target of 65 levels over the next few months.

Any decline near the support of 52-53 levels could be used to add longs.

Spencer Retail: Buy| Target: 93

The stock is trading in an inside range of the previous month candle and a crossover of its multi-band of averages placed around Rs 80 would lead to a strong breakout.

Its Relative Strength Index has reversed from the lower side on weekly charts and we expect to break out witnessing a buy signal.

The trend reversal is placed at 70 being which is also the low seen in the previous 2 quarters. A move or a close below Rs 70 could change the trend to negative.

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.
Kshitij Anand is the Editor Markets at Moneycontrol.

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