RailTel Corporation of India | The company has received a work order amounting to Rs 23.43 crore (excluding GST) from Sagar Cable Network towards providing of multicast drop and carry with 1.5G capacity at 66 locations for a period of 5 years.
Bulls pushed the S&P BSE Sensex above 53,000 on Wednesday while the Nifty50 saw some profit-taking near 15,900 levels, but the trend remains to be on the upside as benchmark indices ended at fresh closing high.
Sectorally, the action was seen in metals, realty, capital goods, as well as banks while selling pressure was seen in consumer durable, energy, oil & gas, and auto stocks.
On the broader markets front – the S&P BSE Mid-cap index rose 0.58 percent, and the S&P BSE Small-cap index rose 0.38 percent.
Stocks that were in focus include Bharat Forge which closed with gains of over 5 percent, SIS (rose nearly 4 percent), and Laxmi Organics (closed with gains of 4 percent on Wednesday). All three of them hit a fresh 52-week high.
Here's what Ruchit Jain, Senior Analyst- Technical and Derivatives, Angel Broking Ltd, recommends investors should do with these stocks when the market resumes trading today:
Bharat Forge: Buy on dips
The stock has been forming a ‘Higher to Higher Bottom’ structure and is thus in an uptrend. Recently, the price up move has been supported by good volumes while the volumes are low on price corrections.
The ‘RSI’ oscillator is indicating a positive momentum and hence, we expect the prices to continue its northward journey.
Traders with existing positions should continue to ride the trend while any declines towards the support should be used as a buying opportunity.
The immediate supports for the stock are placed around Rs. 780 and 760 while price could rally towards Rs. 850 in the near term.
SIS Ltd: Hold
Post a long consolidation, the stock prices have given a breakout and the up move in the last couple of sessions have been supported by good volumes.
Hence, the short-term chart structure looks positive and traders with existing positions could continue to hold on and ride the trend.
The support for the stock is placed around Rs. 455 while resistances are seen around Rs. 490 and 530.
LAXMI Organics: Ride The Trend
After consolidating in a range for the last couple of months, the stock picked up momentum with rising volumes.
Hence, the stock could continue the momentum on the upside in the near term. Given the limited data on charts, it is advisable to follow a trailing stop loss method and ride the trend. The immediate supports for the stock is placed around Rs. 245.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.