172@29@17@136!~!172@29@0@53!~!|news|business|markets|trade-spotlight-hcl-technologies-indoco-remedies-and-jk-cement-in-focus-5959841.html!~!news|moneycontrol|com!~!|controller|infinite_scroll_article.php!~!is_mobile=false
Moneycontrol
FREE virtual training session on Passive Income Secrets: October 24 and 25, 2020, 10am to 1pm. Register Now!
Last Updated : Oct 14, 2020 08:31 AM IST | Source: Moneycontrol.com

Trade Spotlight: HCL Technologies, Indoco Remedies and JK Cement in focus

Stocks like HCL Technologies rose nearly 4 percent, Indoco Remedies rose over 3 percent while the JK Cement closed with gains of over 3 percent on Tuesday.

 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

Indian market witnessed a volatile trading session on Tuesday but bulls managed to push the benchmark indices higher for the ninth consecutive day in a row. The Nifty50 managed to close above 11900 levels.

Let’s look at the final tally on D-Street on Tuesday – the S&P BSE Sensex rose 31 points to 40,625 while the Nifty50 closed with marginal gains of 3.5 points to 11,934.

Sectorally, the action was seen in Energy, IT, power, and metal stocks while profit-taking was visible in healthcare, consumer durables, and finance stocks.

Close

Stocks like HCL Technologies rose nearly 4 percent, Indoco Remedies rose over 3 percent while the JK Cement closed with gains of over 3 percent on Tuesday.

We have collated views of experts on what investors should do when the market resumes trading on Wednesday, October 14:

Expert: Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in

HCL Technologies: Buy with a stop below Rs 860

This counter appears to have registered a consolidated breakout, from an 18-Day old congestion zone, to register a new lifetime high signalling that the long-term uptrend is intact and this counter embarked on a fresh leg of an upswing.

Hence, as long as it sustains above 863 levels, it can slowly inch towards 970 levels. Traders are advised to hold and even can consider fresh long positions with a stop below 860 levels on a closing basis.

Indoco Remedies: Buy into this counter with a stop below 245

For the last 16 trading sessions, this counter appears to be in a corrective and consolidation phase after a swift up move from the lows of 222 to 296 levels in just 4 trading sessions.

As this counter witnessed a strong upmove on relatively higher volumes, a short-term bottom may be expected around 246 levels.

In that scenario, targets into the zone of 284 – 290 can be expected. Positional traders can buy into this counter with a stop below 245 on a closing basis.

JK Cement: Maintain a stop below 1650 on a closing basis

This counter appears to be making a channeled move on the long term charts which is pointing towards a decent target around 1960 levels.

However, the continuous rally of the last 8 sessions from the lows of around 1500 can be a cause for concern as it can prompt profit booking in this counter. Hence, existing investors are advised to maintain a stop below 1650 on closing basis.

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.
First Published on Oct 14, 2020 08:31 am
Sections