The market reversed early losses and closed in the green on Wednesday as bulls pushed Nifty50 above 15,850 levels while the S&P BSE Sensex rallied by over 130 points.
Sectorally, buying was seen in IT, capital goods, and healthcare stocks, while profit-taking was seen in Realty, oil & gas, energy, and auto stocks.
The S&P BSE Mid-cap index rose 0.2 percent and the S&P BSE Small-cap index was up 0.2 percent.
Stocks that were in focus include MindTree, which closed with gains of over 8 percent, Happiest Minds (rose nearly 10 percent), and JBM Auto (closed with gains of 9 percent) on Wednesday. All three stocks hit a fresh 52-week high.
Here's what Ruchit Jain, Senior Analyst- Technical and Derivatives, Angel Broking Ltd, recommends investors should do with these stocks when the market resumes trading today:
The stock opened with a gap up post the announcement of its quarterly results. It then witnessed a good buying interest throughout the day and managed to end at its all-time high, with gains of over 8 percent.
Post the recent time-wise correction, the stock has resumed its uptrend and hence, traders should continue to ride the momentum.
The support base has now shifted higher to Rs. 2600 and hence, one should continue to hold with a stop-loss placed below the mentioned support.
Happiest Minds: Ride The Trend
The stock continues its dream run since the month of February and has seen a remarkable outperformance in this period. The trend still continues to be positive and the supports are shifting higher with a sustained rally in prices.
The recent up move has also been supported by good volumes indicating buying interest in this counter.
Hence, one should continue to hold existing positions and ride the trend. The immediate supports for the stock are now placed around Rs. 1245 and Rs. 1195.
The stock has given a breakout from the consolidation phase and it also has been supported by good volumes. The RSI oscillator is indicating a positive momentum and hence, we could see outperformance in the near term.
Thus, traders should hold on to existing longs and also look for buying opportunities in the range of 490-485.
The support is now placed around Rs. 463 which should be the stop loss level for trading longs. On the flip side, prices could rally towards Rs. 540-550 range in the near 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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