Indian market closed in the green on Wednesday for the third consecutive day in a row. The S&P BSE Sensex rallied by more than 200 points while the Nifty50 closed above 12900 for the first time.
Let’s look at the final tally on D-Street – the S&P BSE Sensex rose 227 points to 44,180 while the Nifty50 gained 64 points to close at 12,938.
Sectorally, the action was seen in capital goods, auto, realty, banks, and financial stocks while profit-taking was visible in FMCG, IT, telecom, healthcare, and consumer durable stocks.
Stocks like M&M which rose over 10 percent, Larsen & Toubro gained 6 percent, and IIFL Finance closed with gains of over 10 percent were some of the stocks in focus.
We have collated views of experts on what investors should do when the market resumes trading on 18 November:
Expert: Ashish Chaturmohta, Head of Technical and Derivatives, Sanctum Wealth Management
M&M: Immediate resistance placed at 708-744
The stock witnessed a major downtrend from the high of 993 in August'18 to a low of 245 in March'20. Since then the stock has witnessed a rally on high volumes to 666 indicating buying participation in the stock.
For the last four months, the stock was trading in a sideways range of 666 to 567 levels as it was consolidating its gains after the sharp run-up.
On the upside, resistance is placed at 708 levels which need to be crossed. Above 708, the next resistance levels are seen at 744 and then towards 790 levels. On the downside, supports are seen at 666 and 650 levels.
L&T: Next target seen at 1250-1270
The stock saw a sharp fall from the highs of 1607 in May'19 to a low of 661 in March'20. Since then the stock has largely been sideways with a positive bias with high volumes indicating accumulation in the stock.
Last week, the stock saw a breakout and gave a follow-through price action this week. Now the next level for the stock is seen at 1250-1270 where a cluster of resistances are seen. On the downside, supports are seen at 1115 and then 1090 levels.
IIFL Finance: Stock can rally towards 149-154 levels
The stock was in a major downtrend for 20 months from the highs of 443 to a low of 58. Over the last 8 months, the stock has seen consolidation between 100 and 58 odd levels.
Volumes were high indicating accumulation at lower levels. The stock has given breakout with strong momentum and high volumes.
Now the stock can rally towards 149-154 levels where the next resistance levels are seen. On the downside supports are seen at 112 and 105 levels.Disclaimer
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