Indian market started witnessed a gap-up opening for the second consecutive day in a row on Tuesday pushing Sensex, and Nifty50 above crucial resistance levels.
The S&P BSE Sensex surpassed 50,000 while Nifty50 also climbed above 15,000 levels in the morning trade on Tuesday.
Sectorally, buying was seen in power, metals, as well as capital goods stocks while profit booking was seen in telecom space.
Stocks that were in focus on Monday include Birla Corp, Balkrishna Industries as well as Kaveri Seed Company which hit a fresh 52-week high on Monday.
Here's what Vikas Jain, Senior Research Analyst at Reliance Securities, recommends investors should do with these stocks when the market resumes trading today:
Birla Corp: Hold |Target: 1280
The stock has witnessed a strong breakout from its 200-week average with strong volumes and higher delivery-based buying over the past few months.
We believe the positive momentum can continue as the stock is on the verge of a multi-year breakout to test its all-time high of 1266 levels on the higher side
Any decline or retracement near to the short-term average of 920 levels would be a good opportunity to enter the stock.
Balkrishna Industries: Hold |Target: 2200
The stock is holding above its 20-week average and scaling a new high every quarter over the past year.
It has given a strong move post the quarterly results with strong volumes. We believe one can hold the stock for a target of 2200 from current levels.
Kaveri Seeds: Book Profits
The stock continued its positive momentum post its breakout from its 200-Days Simple Moving average of 545 levels with the positive news flow.
Going forward, we expect that the stock could face some resistance at current levels after a 38% up move over the past month.
RSI has moved to the higher band of 81 levels so the risk-to-reward ratio is not in favour of fresh longs and we would advise investors to book profits.Disclaimer
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