Indian market witnessed some profit-booking on Monday but closed above crucial support levels. The S&P BSE Sensex reclaimed 48000 while the Nifty50 closed above 14,400 levels.
Sectorally, buying was seen in realty, metal, banks, and energy stocks while profit-taking was visible in healthcare stocks.
On the broader markets front, the S&P BSE midcap index rose 0.6 percent and the S&P BSE smallcap index gained 0.8 percent.
Stocks that were in focus include ICICI Prudential that rose over 6 percent, JSW Steel that rallied more than 3 percent, and SAIL which closed with gains of over 8 percent.
Here's what Vikas Jain, Senior Research Analyst at Reliance Securities, recommends investors should do with these stocks when the market resumes trading today:
ICICI Prudential Life: Hold |Target: Rs 600
The stock closed near its multi-year top of Rs 540 levels after a strong move in the last three days post its quarterly results.
We expect some minor pullback and consolidation from current levels near to its short-term averages which would be a good level to enter for fresh investors.
Existing investors can continue to hold the stock for a higher target of Rs 590-610 levels.
JSW Steel: Hold |Target: Rs 680
The stock has doubled in the last year with sustained positive price performance on a quarter-on-quarter basis.
The price-performance was very sharp after breaching its all-time high of Rs 427 levels.
The Relative Strength India (RSI) has moved to the higher band of 82 levels so risk-reward is not in favour of fresh longs. We believe one can hold the stock for a target of Rs 680 from current levels.
The stock witnessed a strong bounce from its 200-week average with strong volumes and higher delivery-based buying over the past few months.
We believe the positive momentum can continue as it on the verge of a multi-year breakout to test Rs 113-115 levels on the higher side.
Any decline or retracement with the broader market correction would be a good opportunity to enter the stock.
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