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Trade Spotlight: What should investors do with Maruti Suzuki, Chalet Hotels, and Prestige Estates Projects now?

Here's what Vikas Jain, Senior Research Analyst at Reliance Securities, recommends investors should do with the 3 stocks when trading resumes today.

September 28, 2021 / 09:03 AM IST
 
 
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The market was volatile on September 27 amid lack of domestic, global cues and ended the first day of the week on a flat note with a positive bias. The uptrend continued, though it was very small, and as a result benchmark indices saw record closing high with the BSE Sensex firmly holding crucial 60,000-levels.

IT index with a loss of 2.88 percent and FMCG and Pharma with nearly 1 percent fall each, limited the market upside. On the other hand, strong momentum continued in realty stocks with the index rising 3 percent. Auto sector was also in top gear with 3.2 percent gains ahead of September sales data, while Bank Nifty outperformed benchmark indices, gaining 0.9 percent.

Stocks that were in focus included the country's largest car maker Maruti Suzuki India, which was the biggest gainer in the Nifty50, up 6.49 percent to close at Rs 7,403.45; Chalet Hotels gained 10.53 percent at Rs 239.35; and Prestige Estates Projects rose 7.73 percent at Rs 494.60.

Here's what Vikas Jain, Senior Research Analyst at Reliance Securities, recommends investors should do with the 3 stocks when trading resumes today:

Chalet Hotels

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The stock has broken from its one year consolidation with strong volumes and price momentum over the past fortnight.

It has scaled a new 52-week high of Rs 255 levels and the previous top of Rs 218 would act as strong support from current levels.

We advised to hold the stock. The current up move can lead the stock higher near to Rs 285 levels.

Maruti Suzuki India

The stock has broken from its 200-week average at Rs 7,270 levels and outperformed the broader markets after a long time.

It should face some resistance near Rs 7,700 levels which is the recent top and crossover of the same would test the 52-week highs.

Any decline near to Rs 7,000-7,100 levels would be a good opportunity to add longs. We advised to hold the stock with a target of Rs 8,200.

Prestige Estates Projects

The stock has gained by 40 percent month-to-date (MTD) with strong momentum in the real estate sector and crossed it's all time high of Rs 422 levels.

Relative Strength Index (RSI) has inched upwards to 82 levels and risk-reward is not in favour of longs. We would recommend to book profit at current levels.

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.
Sunil Shankar Matkar

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