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Trade Spotlight | What should you do with InterGlobe, Sheela Foam, ICICI Prudential, Tech Mahindra stocks?

Mehul Kothari, of Anand Rathi Shares & Stock Brokers, suggests investors possessing these stocks when the market resumes trading today.

November 24, 2021 / 11:46 PM IST
 
 
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The market snapped a three-day loss with a stellar run on November 12, taking the BSE Sensex strongly above the 60,000 mark and the Nifty50 above 18,100, backed by gains across sectors.

The BSE Sensex jumped 767 points to 60,686.69, while the Nifty50 rose 229.20 points to 18,102.80. The broader market registered less gains compared to the frontline indices with the Nifty Midcap 100 and Smallcap 100 indices climbing 0.45 percent and 0.29 percent.

Stocks that were in focus include IndiGo operator InterGlobe Aviation which was the biggest gainer in the futures and options segment, hitting a record high of Rs 2,324.95 before closing with 7.39 percent gains at Rs 2,306.25, and ICICI Prudential Life Insurance Company was the second biggest gainer in the F&O segment, rising 4.76 percent to Rs 672.60.

Sheela Foam was also in focus on Friday as it touched a fresh record high of Rs 3,247.70, before closing with 13.95 percent gains at Rs 3,117.35, and Tech Mahindra was the top gainer in the Nifty50, increasing 4.14 percent to close at Rs 1,585.

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

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InterGlobe Aviation

After some relief from the COVID cases, India started moving to regain normalcy. With the business looking up and the economy resuming activities, aviation giant IndiGo started flying high in the market.

The price action indicates that the stock has a potential to go towards Rs 2,800-3,000 in the coming months. Thus, traders and investors both should continue to hold the stock. On the downside, support lies at the Rs 2,000 mark.

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Sheela Foam

The daily chart of Sheela Foam depicts that the stock had been consolidating in a broad range of Rs 2,500 to Rs 2,000 since the past 6-9 months. It recently managed to break out of this range and is now trading above Rs 3,000.

We feel that the stock has some more fume left on the upside and hence traders and investors should continue to hold it. Downside support is at Rs 2,500.

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Tech Mahindra

The line chart of Tech Mahindra construes that the stock is in a strong uptrend and investors should continue to hold it in their portfolio.

However, traders can stay long until the rising trend line remains intact. It means that strong support is placed at Rs 1,370. The trend would change only on a breach of the mentioned level. On the upside, the stock has the potential to test Rs 1,700-Rs 1,800 levels.

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ICICI Prudential Life Insurance

The stock has confirmed a range breakout above Rs 540 during the month of May 2021. The theoretical target of the breakout comes around Rs 800.

The stock has turned from the rising trend line support as displayed on the chart. Thus we are of the opinion that the stock might be heading towards Rs 800 mark and, therefore, traders and investors should hold it for long. The stop loss for both the positions could be the recent low of Rs 600.

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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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