Indian market consolidated for the second day in a row on February 10 but smart recovery towards the close of the trade pushed Nifty50 back above 15,100 levels.
The S&P BSE Sensex closed 19 points lower at 51,309 while the Nifty50 fell 2.8 points to close at 15,106 on Wednesday.
Stocks like Max Financial rose over 5 percent while Dixon Technologies closed with gains of over 6 percent on Wednesday. Both stocks hit their respective 52-week highs in the previous trading session.
We have collated views of experts on what investors should do when the market resumes trading on February 11:
Expert: Ruchit Jain, Senior Analyst - Technical and Derivatives, Angel Broking Ltd
The stock has been forming a ‘Higher Top Higher Bottom’ on the daily chart and is in an uptrend. In Wednesday’s session, the price surpassed its important resistance zone of 740-750, and post the breakout, we saw good volumes in the stock throughout the day.
This price volume structure should provide impetus to uptrend and hence, traders should continue to ride the trend. The above-mentioned resistance would now turn into support and hence, any declines should be used as buying opportunity.
On the higher side, we expect the stock to continue the momentum towards Rs 805 in the near term.
Dixon Technologies: Hold
Post some time-wise correction, the stock resumed its uptrend in mid-November. This stock has given stellar returns to investors over the last few months and it continued to oblige them with a sharp price up move.
The volumes along with price upmove have been good indicating investors’ interest in the stock even at current levels.
The momentum readings are in the overbought zone currently, but since there are no signs of any pause or reversal to the ongoing momentum, we advise traders and investors to continue to hold the stock.
The immediate support for the stock is placed around the 17000 mark whereas, on the higher side, the stock has the potential to rally towards 22000 in the short to medium term.
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.
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