The market saw consolidation after a run-up in two consecutive sessions and closed moderately lower amid mixed global cues on November 9. The Nifty50 managed to hold the crucial 18,000 mark, falling 24 points to close at 18,044, while the BSE Sensex ended above 60,400 levels, with a loss of over 100 points.
But the broader markets remained ahead of frontliners as the Nifty Midcap 100 index was up 1.16 percent and Smallcap 100 index gained half a percent.
Stocks that were in focus include Indiabulls Housing Finance which was the fourth biggest gainer in the F&O segment, rising 4.5 percent to close at Rs 243.65, and Texmo Pipes & Products gained strength after long period of consolidation, and was locked in upper circuit of 10 percent at Rs 57.
Shoppers Stop was also in action, hitting a fresh 52-week high of Rs 409 before closing with 10.25 percent gains at Rs 395.40.
Here's what Mazhar Mohammad, of chartviewindia.in, recommends investors holding these stocks when the market resumes trading today:
This counter seems to have registered multiple breakouts signalling the resumption of an uptrend. It saw a current breakout after minor consolidation of 10 days.
As long as this counter sustains above Rs 358 levels, one should retain the positive stance and look to buy on dips. Based on a 29-week channel breakout (blue lines) a higher target of Rs 460 can be projected over a period of time.
However, short-term traders should consider booking profits around Rs 420 levels.
Texmo Pipes and Products
This counter is in a consolidation phase for the last 20 weeks in a range of Rs 58–44. However, huge volumes of last few trading sessions hint that it can be heading for a range breakout with a close above Rs 58.
In that scenario, it can head to much higher levels but initial target shall remain a test of its erstwhile life time highs present around Rs 65.
Hence, positional traders should hold on to their horses and can consider fresh longs on dips preferably around Rs 54 with a stop below Rs 52 on closing basis.
Indiabulls Housing Finance
There seems to be a trading opportunity in this counter with a double bottom, at Rs 209, and a trendline support on weekly charts. Interestingly huge volumes of last two trading sessions appear to have further strengthened the case for upward momentum.
However, targets seems to be limited from the current level and for bigger rally it needs to register a fresh breakout above Rs 264.
For the time being, positional traders can continue to hold with a stop below Rs 230 and look for a target of Rs 257, whereas fresh buying can be considered on a dip towards Rs 235.
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