The market had attempted several times to get back decisively above 17,600 mark on the Nifty 50 amid its roller coaster ride but failed and finally settled below the same level with moderate losses. The BSE Sensex closed below 59,000 levels with losses of 78 points on September 22.
The broader markets hogged the limelight by outshining benchmark indices as the BSE Midcap and Smallcap indices gaining 1.5 percent and 1.2 percent respectively.
Stocks that were in focus on Wednesday included media & entertainment company Zee Entertainment Enterprises after a merger deal with Sony Pictures Networks, which as a result shot up 31.86 percent to close at Rs 337.10 amid high volumes, the highest level since November 2019. Real estate major DLF was the second biggest gainer in the F&O segment as well as Realty index, rising 11.61 percent to Rs 369.15, while IT services company Tech Mahindra was the biggest gainer among largecap IT stocks, rising 3.7 percent to Rs 1,514.05.
Among others, media company NDTV shares hit upper circuit for third consecutive session, climbing 10 percent to close at fresh 52-week high of Rs 96.35, while tyre maker Balkrishna Industries share price hit a record high of Rs 2,709.95 before closing with gains of 6.57 percent at Rs 2,693.35.
Here's what Gaurav Sharma, AVP Research at Globe Capital Markets Ltd, recommends investors should do with these stocks when the market resumes trading today:
It was underperforming from quite some time before recent developments viz. removal of existing directors and more importantly after signing merger with Sony Pictures. On charts, it is looking quite attractive and we see it heading towards Rs 365-380 levels soon.
Considering, it has moved up sharply, possibility of some profit taking cannot be ruled out but that should be considered as a buying opportunity.
This stock has posted fresh breakout after consolidating for almost 4 months. Back to back three upper circuits have already been seen.
We see stock continuing on the growth path and Rs 125 is the upside level that can be tested in coming months.
DLF is the largest listed real estate company, hence, it has its own space within Indian equity market. Cup & Handle formation is very prominently visible on monthly chart.
Hence, we maintain bullish view on this stock as we see it heading towards Rs 400-420 levels in the near term itself.
Tech Mahindra is a prominent Indian IT company and is part of Nifty50 stocks as well. Off-late, it has posted fresh breakout on daily chart after consolidating in range Rs 1,406 – 1,475 levels.
The breakout was supported by strong volume indicating buyers' interest at current levels. Considering recent chart pattern, we see it heading towards Rs 1,600 levels in the immediate short term.
Balkrishna Industries manufactures off-highway tyres used in specialist segments like mining, earthmoving, agriculture, and gardening. It has been a continuous performer and has performed exceptionally well in past.
The stock is very well placed on multiple chart frames, short as well as long, giving us high conviction of the recent upmove continuing, Rs 2,850-2,900 is the next immediate target that we are eyeing at in the immediate near term.
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