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Trade Spotlight | What should you do with Motherson Sumi, Maruti Suzuki and Thermax stocks?

Here's what Vikas Jain of Reliance Securities, recommends investors should do with these stocks when the market resumes trading today.

November 24, 2021 / 11:45 PM IST
 
 
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The market on November 16 reversed some gains seen in the previous session with the Nifty50 closing a tad below the crucial 18,000 mark, down 110 points, and the BSE Sensex losing nearly 400 points to 60,322.

Banking and financials, FMCG, metals, and pharma stocks pulled the market down, however, buying into auto and select IT stocks managed to limit the downside. The broader markets closed on a mixed note for the second straight day, with the Nifty Midcap 100 index down third of a percent and Nifty Smallcap 100 index rising half a percent.

Stocks that were in focus include the country's largest carmaker Maruti Suzuki India and automotive components manufacturer Motherson Sumi Systems, which were top two gainers in the futures and options segment.

Maruti Suzuki shares gained 7.29 percent to close at Rs 8,050.35, and Motherson Sumi Systems was up 6.2 percent at Rs 250.

Energy and environment solutions company Thermax hit a record high of Rs 1,879.80, before closing with 10.17 percent gains at Rs 1,793.75.

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Here's what Vikas Jain of Reliance Securities, recommends investors should do with these stocks when the market resumes trading today:

Motherson Sumi Systems

The stock has made higher bottoms and higher tops with strong volumes aided with positive price action across the sector over the past few days. It is holding its band of averages and moving higher, and we expect to scale an all-time high over the next few weeks.

RSI (relative strength index) is trading above the average line and has still some scope for improvement indicating further up move. We advised to hold the stock with a target of Rs 285.

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Maruti Suzuki India

The stock has closed just 3 percent away from its 52-week high and gained by 7 percent on back of strong news flow and sector breakout.

We believe the positive momentum can continue as it is on the verge of a multi-year breakout to test Rs 8,600-8,800 levels on the higher side.

Any decline or retracement with the broader market correction would be a good opportunity to enter the stock near Rs 7,600 levels. We advised to hold the stock with a target of Rs 8,800.

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Thermax

A strong outperformance in price on the back of strong results and breakout of its confluence of averages over the past three trading sessions.

Price momentum and volume will dry up over the next few weeks after a sharp up move as witnessed in the past. Short-term traders should book profits at current levels and wait for a decline to enter. We would advise to book profits.

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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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