Nifty50 hit a fresh record high in early trade on June 28 but failed to hold on to the momentum, and closed below 15,900 levels.
The S&P BSE Sensex, which hit a high of 53,125, failed to hold above 53,000 and closed with a cut of about 200 points towards the close.
Sectorally, buying interest was seen in metals, healthcare, and infra stocks while profit booking was seen in energy, capital goods, IT, and telecom space.
Stocks that were in focus include Balrampur Chini which rallied over 3 percent to hit a fresh 52-week high, Finolex Industries rose more than 5 percent, and Saregama India ended with gains of nearly 5 percent. All 3 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:
The stock witnessed a multi-decade breakout above Rs 200 levels and gained by about 70 percent in the current quarter on the back of positive news flow in the sector.
The structural bull trends remain firm for a higher target of Rs 410 from the current levels. The Relative Strength Index or the RSI is still trading below 70 which reaffirms our positive stance.
The stock has seen a sustained up move post its split in April 2021 and scaled to all-time high post results last week.
It has reversed its intraday gains to close near the low point but the trend continues to look promising for a higher target. We expect the stock to test 210 levels over the next few weeks.
The stock has gained by 835 percent YTD, holding its short-term moving average since the start of the calendar year.
Despite a sharp up move in the price, it has failed to garner high volumes which indicate reversal could be also sharp on the downside. One should keep a trailing stop of 1600 or book profits at current levels.Disclaimer: The views and investment tips expressed by the investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.