The market snapped a three-day losing streak and rallied sharply with the BSE Sensex rising more than 800 points to close above 60,100 levels, and the Nifty climbing over 250 points to settle over 17,900 mark due to buying across sectors, on November 1.
The broader markets also participated in the run, as the Nifty Midcap 100 index rose 1.82 percent and Smallcap 100 index gained 0.86 percent.
Stocks that were in action include IndusInd Bank which was the biggest gainer in the Nifty50, rising 7.80 percent to close at Rs 1,229.10 and Minda Corporation hit fresh multi-year highs, rising 7.45 percent to Rs 167.30, the highest closing level since June 2018. SAIL was the biggest gainer in the F&O segment, climbing 8.82 percent to Rs 125.25.
Here's what Vikas Jain of Reliance Securities, recommends investors should do with these stocks when the market resumes trading today:
The stock has made a double bottom near Rs 1,125 levels and witnessed a sharp up move over the past few days. It is on the verge of breaking its 200-week average and a strong follow up counter move is expected on the higher side.
The recent price action and double bottom move gives a target of Rs 1,400 levels in the coming weeks. Any price decline near to the short term average of Rs 1,180 would be a good opportunity to add.
The stock has witnessed upward breakout from its band of averages and outperformed the broader markets.
RSI (relative strength index) has inched upwards to 79 levels and risk reward is not in favour of longs as the recent up move is sharp.
We recommend to book profits and wait for some declines near to Rs 140 to enter at lower levels.
The stock retraced 35 percent of the previous up move (Rs 20-Rs 150) levels and respected his long term moving average. It has witnessed a breakout after forming a higher bottom over the past 2 months of corrective action.
RSI has tested the lower band and witnessed a reversal and will continue to outperform in line with the price action. We believe stock could test the 52-week highs over the next few months. We advised to hold the stock with a target of Rs 150.
Disclaimer: The views and investment tips expressed by investment expert 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.
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