Indian market closed flat on Wednesday after touching fresh record highs. The S&P BSE Sensex inched closer towards 50,000 while Nifty50 climbed above 14600 levels on Wednesday.
The S&P BSE Sensex recouped losses and closed 24 points lower at 49,492 while the Nifty50 closed flat at 14,564.
Sectorally, the action was seen in the public sector, telecom, auto, and oil & gas while profit-taking was seen in consumer durables, healthcare, finance, and energy stocks.
Stocks like Bajaj Electricals rose about 15 percent, HUDCO gained nearly 10 percent, and Tata Elxsi rose over 14 percent.
We have collated views of experts on what investors should do when the market resumes trading on January 14:
Expert: Ashish Chaturmohta, Head of Technical and Derivatives, Sanctum Wealth Management
Bajaj Electricals: Some profit booking maybe seen in stock
The stock has been in an uptrend since the March 2020 low of Rs 260 forming a higher top and higher bottom. This week it has crossed its previous all-time high of Rs 693 with strong momentum and high volumes, indicating buying participation in the stock.
Generally, after such a breakout above an all-time high, the stock witnessed a sustained uptrend. Though after such a sharp run-up some profit booking may be seen in stock towards Rs 775-765 support levels. On the upside crossing above Rs 838, the next levels are seen at Rs 905 and Rs 960.
HUDCO: Rs 42 level will act as support
The stock has been trading below Rs 50 odd levels for more than 2 years now. It has formed a bullish inverted head and shoulder pattern on the weekly chart.
The stock has now given a breakout from the pattern on strong momentum and high volumes. Thus, indicating buying participation in the stock.
Now, a breakout above Rs 42 level will act as support for the stock in case of any decline, and sustaining above it, the momentum will continue in the stock towards Rs 57-61 levels.
Tata Elxsi: Stocks is in a strong uptrend
The stock is in a strong uptrend since March last year. After brief consolidation, the stock witnessed a breakout above Rs 1725 in late December.
As long as it sustains above Rs 2300 levels, we expect the uptrend to continue in the stock. On the upside, resistance is seen at Rs 2675 and then Rs 2800 levels. On the downside, supports are seen at Rs 2300 and then Rs 2240 levels.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.