Indian market witnessed profit-taking at higher levels on Tuesday tracking muted global cues. The S&P BSE Sensex closed below 38000 while Nifty50 managed to hold on to 11200 levels and closed with marginal losses.
Let’s look at the final tally on D-Street – the S&P BSE Sensex was down 8.4 points to 37973 while the Nifty50 closed 5 points down at 11,222 on Tuesday.
Sectorally, the action was seen in consumer durables, metals, energy, and consumer discretionary stocks while profit-taking was visible in telecom, utilities, public sector, and FMCG.
Stocks like Info Edge, Hero MotoCorp, and Balkrishna Industries hit a 52-week high in a volatile session on Tuesday.
We have collated views of experts on what investors should do when the market resumes trading on Wednesday, September 30:
Expert: Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in
New lifetime highs always augur well for any stock or index. Interestingly, this counter registered a consolidation breakout after moving in a range of 3584 to 3228 levels only to witness new life highs.
This counter appears to have resumed its uptrend as it recouped all the losses of the corrective swing which is in progress from the highs of 3184 registered on the 26th of August.
However, as this counter rallied swiftly from the lows of 2900 levels in the last 4 sessions, profit booking can’t be ruled out and such dips owing to profit booking shall be considered only as an opportunity to create fresh longs.As momentum is looking strong positional traders with high-risk appetite are advised to buy now and add further on dips in the zone of 3130 – 3110 levels and look for a higher target of 3500 levels. The stop suggested for the trade is close below 3100 levels.
This counter appears to have undergone a multi-weak consolidation before registering new lifetime highs with a decisive breakout above the upper end of the said consolidation band present around 1415 levels.
Considering the strong rally seen in the last two trading sessions, positional traders are advised to adopt a two-pronged strategy of buying now and adding further on correction between 1440 – 1430 levels and look for a bigger target of 1570 levels with a stop below 1410 on a 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.