Stocks like TCS which rallied nearly 5 percent hit a 52-week high of Rs 2504, HCL Technologies jumped more than 10 percent to hit a 52-week high of 825.10, and Escorts rose over 4 percent to hit a 520-week high of Rs 1275.60.
Indian markets pared gains on Monday at higher levels and closed in the red. On expected lines, small & mid-caps stocks outperformed after the recent SEBI guidelines on the Multicap scheme.
Let’s look at the final tally on D-Street on Monday – the S&P BSE Sensex was down 97 points to 38,756 while the Nifty50 was down 24 points to 11,440.
Sectorally, the action was seen in IT, Realty, Consumer Durable, and Consumer Discretionary stocks. Profit-taking was visible in Telecom, banks, Finance, and Energy stocks.
On the broader markets front – the S&P BSE Mid-cap index rose 1.5 percent, while the S&P BSE Small-cap index was up 4 percent – outperforming benchmark indices.
Stocks like TCS which rallied nearly 5 percent hit a 52-week high of Rs 2504, HCL Technologies jumped more than 10 percent to hit a 52-week high of 825.10, and Escorts rose over 4 percent to hit a 52-week high of Rs 1275.60.
We have collated views of experts on what investors should do when the market resumes trading on Tuesday, 15 September:
Expert: Expert: Vikas Jain, Senior Research Analyst at Reliance Securities
The stock scaled a new 52-week high but we are witnessing sideways to profit booking after an up move of continuous 4-5 days positive momentum.
We believe that the stock will attempt to test its lower band of averages placed at Rs 1145-1165 levels. One should wait for declines to enter a fresh long position.
Weekly RSI is also trading near 80 levels which indicates that the upside is being capped and can witness profit booking from current levels.
The stock is one of the best performers in the IT sector and has scaled new all-time highs with strong volumes on Monday.
The stock continued to trade in a narrow range holding above its 20-Days average over the past month. The stock witnessed a gap-up opening on positive news flow of incremental revenue guidance.
On the downside, the level of Rs 730 will act as strong support, which is being the gap area and previous all-time high.
TCS: Hold| Target: 2650
The stock has broken from its multi-year breakout above 2280 levels and witnessed a sharp up move over the past few days.On the downside, the resistances would act as strong support from current levels while on the higher side, the up move could well extend towards Rs 2650 levels
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.