Stocks like JB Chemicals rose 8 percent, Amber Enterprises was up 5.4 percent, and Adani Green was locked in the upper circuit of 5 percent on Tuesday.
Indian markets bounced back on September 15 after closing in the red in the previous trading session. Bulls helped the S&P BSE Sensex reclaim 39,000 while Nifty closed above 11,500 levels.
Let’s look at the final tally on D-Street – the S&P BSE Sensex was up 287 points to 39044 while the Nifty50 closed 81 points higher at 11,521
Sectorally, the action was seen in telecom, healthcare, banks, and financial stocks while profit-taking was visible in realty space. Small & Midcaps outperformed for the second day in a row.
Stocks like JB Chemicals, Amber Enterprises and Adani Green rose 5-8 percent on Tuesday.
We have collated views of experts on what investors should do when the market resumes trading on Wednesday, 16 September:
Expert: Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in
Albeit this counter has registered a breakout on huge volumes to record new lifetime highs. A long upper shadow in the last trading session is visible which suggests that traders preferred to book profits at higher levels.
Hence, a short-term top can be expected in this counter for the near term unless it closes above 970 levels.
For time being it looks prudent to exit this counter. Even in the near-term, traders are advised to avoid fresh buying.
This counter appears to have resumed its long-term uptrend as it is comfortably trading above its 27-days minor congestion zone placed between Rs 1,870 – 1,720 levels.
Hence, as long as it sustains above Rs 1,770 levels on a closing basis, one can retain an optimistic stance. Based on the last 15 weeks of channelled move, an eventual target of Rs 2,450 can be expected in this leg of an upswing.
Hence, investors are advised to hold with a stop below Rs 1,770 levels on a closing basis whereas traders can initiate fresh buying with a stop below Rs 1970 and look for a target of Rs 2450.
For the last 55 weeks, this counter appears to be moving in an ascending channel with a strong uptrend in which only vertical moves in either of the directions have been witnessed.
Considering the fact that in the last 5 weeks this counter has rallied almost vertically from the lows of Rs 358 levels, traders are advised to stay cautious without creating fresh long positions.
However, considering the strong upward momentum, a target towards the upper end of the 55-week channel placed around Rs 770 levels can’t be ruled out.
Hence, traders can continue to ride the momentum by placing a stop below-preceding session's low, on a closing basis, and look for a target of Rs 770.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.