Indian market closed in the green for the sixth consecutive day in a row on Monday pushing benchmark indices to a fresh record high. The S&P BSE Sensex hit a fresh high of 55,680 while the Nifty50 rose to 16,589 in intraday trade.
Sectorally, buying was seen in metal, energy, oil & gas, and FMCG while selling pressure was visible in telecom, auto, consumer durables, and capital goods stocks.
Stocks that were in focus included Apollo Hospitals which rallied over 7 percent, Tata Steel (rose nearly 4 percent), and KPIT Technologies (ended with gains of over 5 percent). All three stocks hit a fresh 52-week high on Monday.
Here's what Vikas Jain, Senior Research Analyst, Reliance Securities, recommends investors should do with these stocks when the market resumes trading today:
Apollo Hospital | Hold |Target: Rs 4,600
Continuing its prior weekly rising trend, the stock recorded new all-time high post Q1 results. The key technical indicators are positively poised on the short-term timeframe chart.
As per the current setup, the stock will keep moving higher towards Rs 4,600 levels. In the case of decline, the stock will find support at around Rs 3,920 being the last week's lows.
KPIT Technologies| Book Profits
The stock has witnessed minor profit booking from its all-time high of Rs 385 levels. It has reversed its intraday gains to close near the low point with strong volumes below the weighted price.
We expect the stock to test the lower band of averages at Rs 300-levels over the next few weeks.
Tata Steel | Hold |Target: Rs 1,650
The stock is in a strong uptrend post its 13-year breakout at Rs 940 levels and has gained by 135% YTD being one of the best performing stocks.
Despite a sharp up move in price, it can move further higher as it has garnered higher delivery volumes over the past few days.
On the downside, its 20-day average will act as a reversal point placed at Rs 1,380 for the stock which is being held since the start of the calendar year.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.