Indian market rose for a second consecutive day in a row on Monday pushing benchmark indices to record highs. The S&P BSE Sensex climbed above Mount 49K to hit a fresh record high of 49,303 while the Nifty50 hit a record high of 14,498.
Both the benchmark indices ended at fresh record closing high. The S&P BSE Sensex & Nifty50 rallied by about 1 percent each while the small & midcaps close in the red.
Let’s look at the final tally on D-Street – the S&P BSE Sensex rose 486 points to 49,269 while the Nifty50 closed the day with gains of 137 points to 14,484.
Stocks like Bajaj Electricals rose more than 5 percent, Tata Motors rallied more than 11 percent, and Infosys was up by around 5 percent. All three stocks hit a fresh 52-week high on Monday.
We have collated views of experts on what investors should do when the market resumes trading on January 12:
Vikas Jain, Senior Research Analyst at Reliance Securities
Bajaj Electricals: BOOK PROFIT
The stock scaled a record high crossing its previous peak of 2018 highs near to Rs 693 levels, but volume was not that high in the current momentum.
RSI has inched upwards to Rs 82 levels and risk-reward is not in favour of longs. We would recommend booking profit at current levels.
Infosys: HOLD| Target: Rs 1480
The stock is making a new high every month since Aug 20 levels with strong volumes and positive momentum in the sector.
The third-quarter results during the week will be important to watch for the next leg of price movement.
On the downside, the stock has strong support near to Rs 1240 levels with respect to its short term moving averages.
Tata Motors: HOLD | Target: 240
The stock continued its positive momentum post its breakout from its 34-month average of Rs 175 levels with the positive news flow.
It should face some resistance near Rs 240 levels which is the 200-week average after a sharp up move over the past few days.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.