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Last Updated : Sep 22, 2020 12:12 PM IST | Source: Moneycontrol.com

Trade Spotlight: Tata Motors, Hindalco, IndusInd Bank in focus

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.

 
 
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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.

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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

Hindalco: Avoid | Target: Rs 140

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.

Tata Motors: Buy on declines | Target: Rs 170

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.

Indusind Bank: Hold | Target: Rs 640

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.

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.

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