Benchmark indices ended higher on the first day of the last week of 2020 on the back of supportive global cues. The action seen in the metal and banking names.
The BSE Sensex was up 380.21 points or 0.81% at 47,353.75, and the Nifty was up 123.90 points or 0.90% at 13,873.20. BSE Midcap and Smallcap ended with 0.8-1.5 percent gains.
Stocks like Firstsource Solutions rallied over 18 percent and Tata Motors was up 6 percent in the ongoing rally.
We have collated views of experts on what investors should do when the market resumes trading on 29 December:
Expert: Vikas Jain, Senior Research Analyst at Reliance Securities:
Firstsource Solutions: Book Profit
The stock scaled an all-time high with strong volumes and has gained by 40% MTD.
We believe one should look at retracements near to the previous all-time high levels of Rs 83-85 range for fresh investments.
RSI has also moved up to 87 levels with risk reward not in favour of longs. We would recommend to book profit at current levels.
Tata Motors: Hold with a target at Rs 240
The stock has closed above its 34 month average of Rs 175 levels with positive news flow and holds its medium term average.
We believe it has strong support at Rs 155-162 levels and is one of the strong stock chart patterns among the auto sector.
The positive momentum will continue for a higher target of Rs 240 levels over the next few quarters.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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