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Trade Spotlight: What should investors do with Torrent Power, Godrej Properties and ABB Power Products?

Torrent Power rose 2.61 percent to close at Rs 516.40, ABB Power Products gained 4.76 percent at Rs 2,410.35, and Godrej Properties was up 3.37 percent at Rs 2,309.5. Here's what Gaurav Sharma of Globe Capital Markets recommends:

September 30, 2021 / 08:48 AM IST
 
 
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The market extended losses on September 29 for the second consecutive session amid volatility. The Nifty50 managed to hold the 17,700-mark and the BSE Sensex shed around 250 points to close above 59,400 levels.

However, the broader market outperformed the equity benchmarks as the Nifty Midcap 100 index was up 1.08 percent and Smallcap 100 index gained 0.4 percent.

Stocks that were in focus included Torrent Power, which rose 2.61 percent to close at Rs 516.40, ABB Power Products (with gains of 4.76 percent at Rs 2,410.35), and Godrej Properties, which was the best performer among realty stocks, rising 3.37 percent to close at Rs 2,309.5.

Here's what Gaurav Sharma of Globe Capital Markets recommends investors should do with these stocks when the market resumes trading today:

Torrent Power

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Torrent Power has performed well in the past. On Wednesday, fresh breakout was seen on daily charts suggesting bullish bias is likely to continue ahead as well.

Hence, short term traders can take long positions for targets close to Rs 600 in coming 1-2 weeks, and keep stop loss below Rs 490.

Godrej Properties

It is among the best performing realty stocks at the moment. Its past performance has also been pretty impressive, considering its strong brand value and expansion plans we expect buoyancy to continue.

It is well placed on short as well as long term charts. Hence, we see it moving ahead in the near term as well.

Short term traders can take long positions for targets close to Rs 2,600-2700, and keep a stop loss below Rs 2,200.

ABB Power Products and Systems India

It has exhibited fresh breakout from range Rs 2,275-2,500 in which it was trading from past couple of weeks. This is a positive development, indicating buyer's interest at current levels.

Short term traders can take long positions at current levels for targets close to Rs 2,800, and keep a stop loss below Rs 2,300.

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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