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Trade Spotlight: What should investors do with Hindustan Copper, Praj Industries & Angel Broking?

Stocks that were in focus included Hindustan Copper which rose 10 percent, Praj Industries which rose over 14 percent, and Angel Broking that gained 10 percent on Monday.

May 11, 2021 / 07:31 AM IST
 
 
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Indian market closed in the green on Monday pushing Nifty50 above 14,900 levels while the S&P BSE Sensex rallied nearly 300 points.

Sectorally, buying was seen in metals, public sector, capital goods, healthcare & power stocks while profit-taking was seen in the IT space.

The broader market closed mixed as the S&P BSE Small-cap index closed 0.07 percent lower while the S&P BSE Mid-cap index was up nearly 1 percent.

Stocks that were in focus included Hindustan Copper which rose 10 percent, Praj Industries which rose over 14 percent, and Angel Broking that gained 10 percent on Monday.

Here's what Jatin Gohil, Technical and Derivative Research Analyst, Reliance Securities, recommends investors should do with these stocks when the market resumes trading today:

Close

Hindustan Copper (Close – Rs189.10) | View: Hold | Target: Rs240

Continuing its prior daily rising trend, the stock rose to a multi-year high of Rs 189.10. The key moving averages are sloping upwards.

The major technical indicators are in buy mode. This could take the stock towards Rs 240 in the short term.

Praj Industries (Close – Rs305.55) | View: Hold | Target: Rs400

The stock recorded a new high of Rs 318.45 invalidating the prior bearish pattern-Shooting Star. Monday’s price volume action signals fresh buying in the stock.

The stock will continue to explore uncharted territory and will test Rs 400.

Angel Broking (Close – Rs616.70) | View: Hold | Target: Rs700

The broking space remained in focus for the last couple of days. Angel Broking emerged as a top gainer in that space.

Positively poised technical indicators signal that undergoing rally will continue. The stock has the potential to test Rs 700 in the short term.

(The author is Technical and Derivative Research Analyst, Reliance Securities)

Disclaimer: The views and investment tips expressed by the investment experts on Moneycontrol.com are his own and not that 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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