Indian market snapped 3-day losing streak and closed in the green on November 2 despite sell-off seen in index heavyweights, such as Reliance Industries.
The S&P BSE Sensex recouped losses and closed with gains of over 100 points while Nifty50 reclaimed 11,600 levels.
Let’s look at the final tally on D-Street – the S&P BSE Sensex rose 143 points to close at 39,757 while the Nifty50 rose 26 points to close at 11,669.
Sectorally, the action was seen in banks, telecom, finance, realty, and public sector stocks while mild profit taking was seen in energy, oil & gas, healthcare, and IT stocks.
Stocks like Axis Bank, and ICICI Bank rose more than 6 percent each while Havells India rallied more than 7 percent to hit a fresh 52-week high of Rs 789 on Monday.
We have collated views of experts on what investors should do when the market resumes trading on 3 November:
Expert: Vikas Jain, Senior Research Analyst at Reliance Securities
The stock has witnessed a channel break out from its long-term 200-Days average after a span of 8 months.
RSI is also above the average line of 60 levels and continues to outperform in line with the price action.
We believe that it has strong support at 495-505 levels and can be one of the strong stock chart patterns among the private banking sector.
The stock has held on to its support levels of the 200-Day average and witnessed a sharp bounce with strong volumes post its quarterly results.
We believe that the positive momentum will continue for a higher target of 480 levels over the next few months, and any decline towards the 200-Days average of 395 levels would be a good opportunity to add longs.
Havells India: Book Profits at 810 levels
The stock is one of the consistent outperformers and will attempt to make a new all-time high near to 805 levels in the current momentum.
RSI has inched upwards to 78 levels and risk-reward is not in favour of longs as the recent up move is sharp. We recommend booking profits in a higher range near to all-time high levels over the next few days.
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.
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