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Trade Spotlight | What should you do with Indian Hotels, Shreyas Shipping and Elgi Equipments?

Here's what Mehul Kothari of Anand Rathi Shares & Stock Brokers, recommends investors should do with these stocks when the market resumes trading today.

December 06, 2021 / 07:30 AM IST
 
 
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The market snapped a two-day rally and corrected more than 1 percent amid selling across sectors on December 3. The Nifty50 closed a tad below 17,200 with loss of 205 points, while the BSE Sensex lost 765 points to end slightly below 57,700 levels.

The broader markets, however, outperformed the benchmark indices. The Nifty Smallcap 100 index climbed 0.82 percent and Nifty Midcap 100 index was down 0.01 percent.

Stocks that were in focus include Indian Hotels Company, which was the third biggest gainer in NSE futures and options segment, rising 4.4 percent to Rs 192.30, and Shreyas Shipping which was locked in 10 percent upper circuit at Rs 257.

Among others, Elgi Equipment hit a fresh record high of Rs 299 during the day before closing with 7.75 percent gains at Rs 296.20.

Here's what Mehul Kothari of Anand Rathi Shares & Stock Brokers, recommends investors should do with these stocks when the market resumes trading today:

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Indian Hotels Company

Indian Hotels is in a secular uptrend post its breakout from the odd zone of Rs 160, even on a daily time frame, the stock is hovering near its short-term exponential moving average, indicating inherent strength in the counter.

The stock has also reversed from the lower band of the Bollinger band (20, 2) and has headed strong towards the mean suggesting strong demand at lower zone.

Hence, from the medium-term perspective, the stock is expected to reclaim its life-time high. However, looking at the volatility, some whipsaw movement should not be ruled out in the near term.

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Shreyas Shipping

Shreyas has corrected nearly 45 percent from its all-time high and is currently placed near the strong support of 200-day EMA (exponential moving average) on daily chart. Even in the last trading session the stock has gained strong momentum and turned positively to have an early sign of reversal.

Even on oscillator front, 14 period RSI (relative strength index) has seen a positive crossover at the oversold region, indicating strength, followed by the MACD that too have seen golden crossover affirming the bullish stance in the counter.

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Elgi Equipments

Elgi Equipments has been in a secular uptrend throughout and in recent period the stock has witnessed strong breakout that too on the back of increase in the average traded volumes indicating inherent strength.

On the oscillator front, the MACD has been surging higher after the golden crossover and also the 14-period RSI is heading northwards, indicating strong momentum in the counter. Hence, looking at the trend and technical indicators the stock is expected to soar higher in coming future.

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Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their 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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