Mighty bulls in the market pushed the Nifty50 to reclaim its crucial 18,000 mark on November 8, continuing an uptrend for the second consecutive session with participation from all sectors, barring private banks and pharma.
The Nifty Metal, IT, FMCG, Financial Services and PSU Bank indices are prominent gainers, rising 1-2 percent. The broader markets, too, stayed strong as the Nifty Midcap 100 and Smallcap 100 indices gained 1.2 percent and 1.08 percent.
The Nifty50 rallied more than 150 points to close above 18,050, and the BSE Sensex climbed 478 points to top 60,500.
Stocks that were in focus include UltraTech Cement, which was the fourth biggest gainer in the Nifty50, hitting a record high of Rs 8,269 and closed with 4.23 percent gains at Rs 8,214.05.
Chalet Hotels hit a fresh 52-week high, before closing 6.52 percent higher at Rs 263.20, and Muthoot Finance was also in the limelight, rising 8.5 percent to Rs 1,659.40.
Here's what Vikas Jain of Reliance Securities, recommends investors should do with these stocks when the market resumes trading today:
The stock has scaled an all-time high with strong volumes aided with positive price action across the sector over the past few days.
It is holding its 20-week average and making a new top every three months and the current move can scale to Rs 8,600 levels over the next few weeks.
The RSI (relative strength index) is hovering on the higher band and still has scope for improvement, indicating further up move. We advise to hold with a target of Rs 8,600.
The stock has witnessed a upward breakout from its one year of consolidation of W pattern and outperformed the broader markets. It has moved up swiftly to the higher range so some consolidation at current levels cannot be ruled out over the next few weeks.
We believe it can test Rs 320 levels over the next few months and recoup the loss from where the major fall has being witnessed in March 2020. We advised to hold the stock with a target of Rs 320.
The stock has crossed its previous high of Rs 1,638 levels on back of its strong results and has closed 8.5 percent higher on the previous trading day.
We believe that after a sharp outperformance over the past few weeks one should wait for some corrective action.
RSI is at the higher end and delivery volumes are low over the past two days, indicating some pause, and one should book profit at current levels.
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.
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