A sharp rise in COVID-19 cases in India led to a knee-jerk reaction in Indian markets on Monday which pushed Sensex below 50,000 while the Nifty50 closed below 50-DMA.
The S&P BSE Sensex plunged 870 points to 49,159 while the Nifty50 closed with losses of 229 points to 14,637 on Monday.
Sectorally, selling pressure was seen in realty, banks, finance, auto, public sector, and consumer discretionary stocks while some buying was seen in IT, metal, and telecom stocks.
Dr Lal Pathlabs gained over 6 percent with strong volumes, IndusInd Bank fell nearly 6 percent, and Happiest Minds rallied over 4 percent to hit a fresh 52-week high on April 5.
Here is what experts said about these stocks.
Vikas Jain, Senior Research Analyst at Reliance Securities
Dr. Lal Path Labs: HOLD |Target: Rs 3100
The stock has witnessed a breakout and closed at an all-time high after trading sideways over the past 3 months.
We believe the positive momentum can continue till it does not break down below Rs 2,600 levels on the downside.
We expect the stock to test the higher target of Rs 3,100 based on its reverse head and shoulder pattern in the coming weeks.
Indusind Bank: HOLD |Target: Rs 1080
The stock, which trending in the range of its short and medium-term averages, witnessed a bounce but failed to break out and declined on Monday to close near support levels.
RSI is also trading near the lower band which provides comfort for the up move.
We believe one can hold the stock with a stop loss of Rs 880 from the current levels.
Happiest Minds: BOOK PROFIT
The stock had a stellar listing in Sept’20 and traded sideways holding the medium-term average for the past five months.
It moved up sharply over the past two days and scaled a new 52-week high with strong volumes but the delivery percentage is very low.
RSI has also moved up to 80 levels so it is better to book profit at current levels.Disclaimer
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