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Trade Spotlight: What should investors do with Indiabulls Real Estate, Equitas Small Finance, IDFC?

Markets ended flat after a volatile session on July 12 even as broader markets continued to outperform the benchmark indices

July 13, 2021 / 07:35 AM IST
 
 
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Indian market closed flat on July 12 as investors preferred to book profits at higher levels while the broader markets continued their outperformance.

Sectorally, buying interest was seen in realty, consumer discretionary, banks, and consumer durable stocks, while profit booking was seen in telecom, IT, and power stocks.

The S&P BSE midcap index rose 0.4 percent, and the smallcap index was up 0.75 percent, outperforming the benchmark indices.

Stocks that were in focus included Indiabulls Real Estate, which rallied more than 15 percent hit a fresh 52-week high, Equitas Small Finance bank rose more than 7 percent, and IDFC Ltd ended with gains of over 5 percent. All these stocks hit a fresh 52-week high on July 12.

Here's what Vikas Jain, Senior Research Analyst, Reliance Securities, recommends investors should do with these stocks when the market resumes trading today:

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Indiabulls Real Estate | HOLD |Target: 160

The stock witnessed a break out above its 200-week average and gained more than 15 percent with strong volumes on July 12.

We believe that the current momentum will scale to 160 levels over the next few weeks, and any decline near 118-122 levels would be a good opportunity to add the stock.

The Relative Strength Indicator (RSI) is still trading below 70, which affirms our positive stance.

Equitas Small Finance Bank | Hold |Target: 82

The stock has scaled to an all-time high crossing its previous peak of 70 with strong volumes on the back of positive news flow.

It has reversed its intraday gains to close near the low point but the trend continues to look promising for a higher target. We expect the stock to test 82 levels over the next few weeks.

IDFC | Book Profits

The stock is holding its medium-term average but failed to break out on the higher side. It has multiple resistances in the range of 63-65 levels on the monthly charts.

We believe that one should 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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