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:
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.
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.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.