The market on November 30 closed a volatile session on a negative note with the Nifty50 falling below 17,000 for the first time since August 30, dragged by banking and financials, auto and metal stocks.
The BSE Sensex fell nearly 200 points to close at 57,065, and the Nifty50 dropped 71 points to 16,983, but the broader markets outweighed the frontline indices. The Nifty Midcap 100 and Smallcap 100 indices gained 0.46 percent and 1.63 percent.
Stocks that were in focus include Metropolis Healthcare, which was the second biggest gainer in the NSE futures and options segment, climbing 5.18 percent to Rs 3,292.90, and Talbros Automotive Components, which surged 19.13 percent to Rs 337.25.
Gujarat State Petronet was the fifth biggest gainer in the F&O segment, rising 4.17 percent to Rs 313.30, while Power Grid Corporation of India was the top gainer in the Nifty50, registering 3.25 percent gain at Rs 206.75.
Here's what Mazhar Mohammad of chartviewindia.in, recommends investors should do with these stocks when the market resumes trading today:
This counter seems to be in a multi-week consolidation phase in the larger trading zone of Rs 3,231 – Rs 2,610. However, it faces selling pressure at the upper end of the range while making intra-week attempts to clear the said resistance.
Hence, it needs a strong close above Rs 3,230 by the end of this trading week. In such a scenario, a range breakout target of around Rs 3,850 can be expected.
Hence, traders who already own can continue to hold with a stop below Rs 3,060, whereas fresh buying is advisable on a close above Rs 3,400.
Talbros Automotive Components
This counter appears to have decisively registered a consolidation breakout on higher volumes with decent single-day price appreciation. Hence, any dip towards the breakout point of Rs 298 can be a great opportunity to create fresh long positions.
Therefore, traders should hold on to their positions for an initial target of Rs 357, whereas fresh buying should be considered in the zone of Rs 311 – Rs 304. Stop loss suggested for the trade is Rs 290.
Gujarat State Petronet
Despite this counter registered a decent price appreciation in the last trading session on the back of huge volumes, it still seems to be in a consolidation range. Moreover, it is making a channelled move with prices facing resistance at the upper boundary of the channel.
Hence, it is in need of a breakout above the said down sloping channel to register a sustainable up move. In that scenario, an initial target of Rs 347 can be expected.
For the time being, positional traders, who own this counter should hold with a stop below Rs 299 on closing basis, whereas fresh buying can be done on a close above Rs 321 levels.
Power Grid Corporation of India
This counter seems to be in a steady long-term uptrend as it hits new life-time highs at regular intervals. Huge volumes of last trading session accompanied with decent price appreciation hints that it resumed its up move with a brief pause of four trading sessions.
However, it may face some resistance around Rs 210 levels and once bulls manage to push through the hurdle, new targets of Rs 221 can be expected. Hence, even fresh buying can be considered with a stop loss below Rs 197 for an initial target of Rs 221.
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