Indian market witnessed selling pressure from the word go on February 22, pushing benchmark indices below crucial support levels. The S&P BSE Sensex closed below 50,000 while the Nifty50 broke below 14,2700 levels.
The S&P BSE Sensex plunged more than 1100 points while the Nifty50 saw a decline of more than 300 points
This was the biggest single-day fall for Sensex since December 21, 2020, when the market benchmark closed with a loss of 1,407 points.
The overall market capitalisation of BSE-listed firms dropped to Rs 200.26 lakh crore on February 22 from Rs 203.98 lakh crore in the previous session, wiping out Rs 3.7 lakh from investors purse crore in a single day.
Stocks like Happiest Minds which hit a fresh 52-week high rose by nearly 4 percent, Vedanta rose nearly 7 percent, and Hindalco closed with gains of over 2 percent in an overall weak market on Monday.
We have collated views of experts on what investors should do with these stocks when the market resumes trading on February 23:
Expert: Vikas Jain, Senior Research Analyst at Reliance Securities.
Happiest Minds: Book Profit
The stock had a stellar listing in September 2020 and traded sideways holding the medium-term averages for the past 5 months.
It moved up sharply by about 60 percent in the last one week with strong volumes but the delivery percentage is very low. The RSI has also moved up to 90 levels so it is better to book profit at current levels.
Vedanta: Hold | Target: 240
The stock in regular news flow with respect to buybacks and continue to outperform the broader markets.
It has given a strong breakout above its 200-week average of Rs 195 levels and we expect the positive momentum to continue over the next few weeks.
Going forward, any decline near the short-term average of Rs 180 levels would be a good opportunity to go longs.
Hindalco: Book Profit AT 340
The stock has closed at an all-time high level surpassing its 2018 highs. The recent up move from Rs 225 levels is very sharp so expect some exhaustion near to Rs 330-340 levels.
One can book profit in the higher range of near to Rs 340 levels and wait for declines to enter.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.