The action was seen in Tata Motors plunged more than 7 percent, Hindalco was down by nearly 7 percent, and IndusInd Bank fell over 8 percent on Monday.
Indian market closed in the red on September 21 tracking muted global cues, and the trade could remain choppy on Tuesday amid over 1 percent fall seen in the US markets.
The S&P BSE Sensex plunged more than 800 points while the Nifty50 failed to hold on to 11,300 levels but took support near 11,250 on Monday.
Sectorally, the profit-taking was visible in the telecom, realty, metals, auto, and healthcare space.
Tata Motors plunged more than 7 percent, Hindalco was down by nearly 7 percent, and IndusInd Bank fell over 8 percent on Monday.
We have collated views of experts on what investors should do when the market resumes trading on Tuesday, 22 September:
Expert: Vikas Jain, Senior Research Analyst at Reliance Securities
The stock saw resistence near its 34-month average and witnessed sharp profit-booking from the recent high of Rs 200 levels.
The stock is on the verge of breaking its long-term moving average and would continue to underperform in the short-term. Any bounce near to Rs 175-180 levels would be a good point for exiting long positions.
The stock has made a double top at Rs 155 levels and witnessed a sharp selloff in Monday’s trade breaching its short-term moving average.
We believe it will attempt to test its 200-Day average and 50 percent retracement of the current up move of ( Rs 100-50) levels near Rs 125 levels. One should wait for the declines to buy the stock for the long-term.
The stock witnessed profit-booking after a sharp up move from lower levels over the past few months. We believe it has strong support at Rs 525-530 levels and a strong bounce towards Rs 640 could be in the offing over the next few weeks.
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