Bears took control of D-Street on Monday pushing Sensex and Nifty50 below crucial support levels. The S&P BSE Sensex closed below 53,000 while the Nifty50 failed to hold on to 15,800 levels on a closing basis.
Sectorally, buying was seen in realty, healthcare, and utilities while profit booking was witnessed in finance, banks, metals, and auto stocks.
Stocks that were in focus include Indiabulls Real Estate, which rallied over 11 percent and hit a fresh 52-week high. Welspun India rose more than 6 percent while Angel Broking,too, ended with gains of over 6 percent. All these stocks hit a fresh 52-week high during the session.
Here's what Vikas Jain, Senior Research Analyst, Reliance Securities, recommends investors should do with these stocks when the market resumes trading today:
India Bulls Real Estate| Book Profits
The stock has extended its up move in a weak market and scaled to the higher band of Rs 160 levels. We believe there is a band of resistance in the range of Rs 165-Rs 170 levels, and we expect some price and time correction over the next few weeks.
The Relative Strength Index or the RSI has moved to the higher band of 80 levels so the risk-to-reward ratio is not in favour. We believe one should book profit at current levels.
Welspun India| HOLD |Target: Rs 150
The stock has scaled an all-time high crossing its previous peak of Rs 120 levels of Jun’16 with strong volumes.
The trend continues to look promising for a higher target on the back of positive news flow and price momentum.
Any decline near to the short-term averages would be a good opportunity to add longs. We expect the stock to test Rs 150 levels over the next few weeks.
Angel Broking| BOOK PROFITS
The stock is making new highs every day and witnessed some corrective action on hourly charts after a strong move of 58% MTD.
Despite a sharp up move in price it has failed to garner high volumes compared to May’21 volumes which indicates reversal could be also sharp on the downside.
One should keep a trailing stop of Rs 1,270 being the last week's high or book profits at current levels.
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