Trade Spotlight: What should investors do with Grasim, Century Ply & Bajaj Auto?

Stocks like Grasim Industries rallied more than 6%, Century Plyboards rose more than 4%, and Bajaj Auto which hit a 52-week high closed with gains of about 2% were some of the stocks in focus on Monday.

January 27, 2021 / 07:46 AM IST
 
 
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Indian markets fell for the third consecutive day in a row on Monday which pushed the Nifty50 towards its crucial support placed around 14,200 levels.

The S&P BSE Sensex plunged 530 points to 48,347 while the Nifty50 closed 133 points lower at 14238.

Selling pressure was visible in Energy, Oil & Gas, Power, Public Sector, and IT indices. The mid & smallcap were down by more than 1% percent each.

Stocks like Grasim Industries rallied more than 6 percent, Century Plyboards rose more than 4 percent, and Bajaj Auto which hit a 52-week high closed with gains of about 2 percent were some of the stocks in focus on Monday.

We have collated views of experts on what investors should do when the market resumes trading on January 27:

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Expert: Vikas Jain, Senior Research Analyst at Reliance Securities

Grasim Industries: HOLD | Target: 1200

The stock scaled a new 52-week high outperforming the broader markets on the back of positive news flow. The setup and structure continue to remain positive with strong volumes and expect to outperform further from current levels.

Any decline near to its short-term average of 1000-1020 levels would be a good opportunity to add longs.

Century Ply: HOLD | Target: 305

The stock has given a strong breakout last month from its 200-week average. Recent price action is very swift and sharp so one can expect a minor pullback towards Rs 245 levels.

On the higher side, we expect a target of 305 over the next few months

Bajaj Auto: BOOK PROFITS

The stock has witnessed a vertical up move post its breakout at 3200 levels and moved up 21 percent month-to-date (MTD).

RSI is trending near the higher band so we expect a price and time correction. We would recommend to book profit at current 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.
Kshitij Anand is the Editor Markets at Moneycontrol.

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