The Nifty extended gains to move closer to 17,400 on April 29 on positive global cues but selling pressure and profit booking in the last hour dented sentiment, pegging back the bulls.
All sectors took a hit, with auto, banks, IT, FMCG and realty losing the most. The Sensex fell 460 points to 57,061 and the Nifty declined 143 points to 17,102.
Broader markets also reeled under pressure. The Nifty midcap 100 index fell 0.84 percent and the smallcap 100 index 1.16 percent.
Stocks in focus included Shriram Transport Finance Corporation, which was the biggest gainer on the first day of the May series in the futures & options segment, climbing 5.3 percent to Rs 1,202. Chennai Petroleum Corporation ended at Rs 279.25, the highest closing since January 2019, up 9.88 percent.
Huhtamaki India jumped 4.7 percent to Rs 198, and Angel One ended at a record closing high of Rs 1,949, up 3.83 percent, on April 29.
Here's what Rajesh Palviya of Axis Securities recommends investors should do with these stocks when the market resumes trading today:
The stock is in a strong up trend on the short to medium-term time frame, indicating bullish sentiments as it has continued to form higher top and bottom formations.
The stock is placed well above its 20, 50, 100 and 200- day simple moving average (SMA), which reconfirms bullish sentiments.
The daily weekly and monthly relative strength index (RSI) is in bullish mode and is sustaining above the 50- mark, representing strength.
The weekly and monthly Bollinger band buy signal indicates rising momentum.
Investors should buy, hold and accumulate this stock with an expected upside of Rs 300-345, with a downside support zone of Rs 240-215.
For the past four weeks, the stock has observed strong bounce back from its six-eight years’ multiple support zone of Rs 160-150. The bounce-back has been coupled with huge volumes, indicating increased participation near major support zones.
The stock is well placed above its 20, 50 and 100-day SMA, which supports bullish sentiment. The daily, weekly and monthly strength indicator RSI is in bullish mode, which signals rising momentum.
Investors should buy, hold and accumulate this stock with an expected upside of Rs 230-240, with a downside support zone of Rs 170-165.
Shriram Transport Finance Corporation
Since December 2021, the stock has been consolidating within Rs 1,300-1,000 level, indicating a short to medium-term sideways trend. Any decisive breakout above Rs 1,300 will cause upside momentum.
On the daily timeframe, a positive crossover of 20 and 50-day SMA signals positive bias. The upside momentum in the previous week was supported by huge volumes, indicating increased participation near major support zones.
The daily and weekly strength indicator RSI is in a bullish mode, which signals rising momentum.
Investors should buy, hold and accumulate this stock with an expected upside of Rs 1,350-1,400, with a downside support zone of Rs 1,100-1,050.
The stock is in a strong uptrend as it continues to form a series of higher tops and bottoms across all time frames. On the weekly time frame, the stock has had multiple resistance breakouts around Rs 1,750-1,800 on a closing basis, indicating further strength. The breakout has been accompanied by huge volumes, which support increased participation in a rally.
The stock is comfortably placed above its 20, 50, 10 and 200-day SMA, which supports upside momentum. The daily, weekly and monthly strength indicator RSI is in a bullish mode, which signals rising momentum.
Investors should buy, hold and accumulate the stock with an expected upside of Rs 2,100-2,150, with a downside support zone of Rs 1,700-1,600.
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.
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