Indian market witnessed gains for the second day in a row pushing benchmark indices to another record high. The S&P BSE Sensex closed above the 48000 mark for the first time while Nifty50 also scaled above 14,100 levels on Monday.
The S&P BSE Sensex rose 307 points to 48,176, while the Nifty gained 114 points to close at 14,132 on Monday.
Sectorally, the action was seen in metals, auto, IT, and oil & gas while some profit-taking was visible in banks and consumer durables.
Stocks in focus included Ashok Leyland which rallied over 5 percent, Tata Steel that gained more than 7 percent, and Hindalco that rallied more than 6 percent.
We have collated views of experts on what investors should do when the market resumes trading on January 5:
Expert: Vikas Jain, Senior Research Analyst at Reliance Securities
Ashok Leyland: HOLD |Target: Rs 122
The stock has witnessed a breakout above its 200-week average with strong volumes and positive price action.
The RSI is also holding above the higher band of Rs 70 levels and will continue to outperform in line with the price action.
Any decline towards the short-term average of Rs 95-97 levels would be a good opportunity to add longs.Hindalco: HOLD |Target: Rs 288
The stock scaled an all-time high on Monday after trading in a narrow range over the past month.
It has made a double bottom near sub 230 levels and we expect a target of 288 levels which also coincides with an all-time high of 285 levels it achieved in Jan’18
We would recommend holding for a higher target of 288 from current levels.
TATA Steel: BOOK PROFITS at Rs 740 levels
The stock is one of the consistent outperformers in the metals sector and will attempt to test its multi year high of Rs 740 levels in the current momentum.
RSI has inched upwards to 79 levels and risk-reward is not in favour of longs as the recent up move is sharp.
We recommend booking profits in a higher range of Rs 740 levels over the next few days.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.