India market rallied for the sixth consecutive day in a row on Tuesday to hit a fresh record high. The Nifty50 had a touch and go moment with 13400 while the S&P BSE Sensex rallied over 45700 levels.
Let’s look at the final tally on D-Street – the S&P BSE Sensex rose 181 points to 45,608 while the Nifty50 closed with gains of 37 points at 13,392.
The S&P BSE Sensex hit a fresh record high of 45,742 while Nifty50 rose above 13,435.
Sectorally, the action was seen in energy, IT, realty, as well as financial stocks while selling pressure was visible in telecom, power, utilities, and healthcare space.
Stocks like Wockhardt rallied 9 percent to hit a fresh 52-week high, Tanla Solution rose 5 percent, and Jet Airways also rallied by about 5 percent and were some of the stocks in focus.
We have collated views of experts on what investors should do when the market resumes trading on 8 December:
Expert: Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in
Wockhardt | Buy now and on dips towards Rs 460 – 450 levels
Albeit this counter remains as an underperformer it seems to be in a near-term uptrend as it cleared the 6-day old minor corrective and consolidation phase in one single session with major gains on the back of relatively much higher volumes.
Hence, sustaining above Tuesday’s low of Rs 444 levels it should retrace much of the lost ground as it witnessed much value erosion from the highs of Rs 1012 registered in the year 2018 to a low of Rs 142.
For the time being, if it sustains above Rs 480 levels then it should eventually head to Rs 579 levels. At this juncture, even fresh buying can be considered by adopting a two-pronged strategy of buying now and on dips into the zone of Rs 460–450 levels with a stop below Rs 444 levels on closing basis.
Tanla Solutions | Buy only on a dip towards Rs 700
This counter is in a vertical up move from the March 2020 lows of Rs 37 to current highs of Rs 800 plus levels. Interestingly, it appears to have resumed its uptrend from November 2020 lows of Rs 340 after undergoing consolidation in an extremely narrow range for a period of 7-weeks.
As this counter is trading in uncharted territories it becomes difficult to project price targets on the upside. However, based on long term charts where this counter has registered a breakout it is throwing up a target of Rs 944 levels.
For investors who were fortunate to have entered this counter at much lower levels a stop below 681 is advised and fresh buying should be considered only on a big correction towards 700 levels.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.