Indian equities logged sharp gains in the last hours of trade after trading resumed post a technical snag halted trading on the National Stock Exchange (NSE) on February 24.
"The government has lifted the embargo on private sector banks for the conduct of government-related banking transactions such as taxes and other revenue payment facilities, pension payments, small savings schemes, etc.," said the government in its statement available on the tweeter handle of NSitharamanOffice.
Sensex closed 1030 points, or 2.07 percent, higher at 50,781.69 while Nifty jumped 274 points or 1.86 percent to 14,982. BSE Midcap and Smallcap indices closed 0.77 percent and 1.08 percent higher, respectively.
The overall market capitalisation of BSE-listed firms jumped to Rs 204.03 lakh crore on February 24 from Rs 201.38 lakh crore in the previous session, making investors richer by Rs 2.7 lakh crore in a single day.
We have collated views of expert on what investors should do with these stocks when the market resumes trading on February 25:
Expert: Ruchit Jain, Senior Analyst - Technical and Derivatives, Angel Broking Ltd
Hindustan Copper - Hold
The metal space has been on a roll on back of rising commodity prices. This stock too has rallied in the last three months and in fact the momentum has accelerated in last couple of weeks. The volumes in this upmove have been good and thus, we may see a continuation of this trend. The immediate support for the stock is placed around its ‘5DEMA’ at Rs 108.
Considering that the support is far from its current market price and the RSI is in overbought zone, risk reward is not favourable for fresh buy now, but existing shareholders can continue to ride this trend until any reversal signs are seen.
Indian Overseas Bank - Hold
This stock has seen a long underperformance and has corrected significantly in the last ten years. However, post the recent run up in most of the PSU banks, this stock too has witnessed some buying interest and has moved higher from its lows with decent volumes. Considering this recent price volume action, traders with existing positions can continue to hold with a strict stop loss below Rs 15.25. The probable targets for the stock for the near term are seen around Rs 21 and Rs 24.
Bank of Maharashtra - Hold
The stock has a similar set to some other PSU names with a long underperformance in last ten years. However, this sector has witnessed some good momentum in last few weeks with prices coming out of a slumber with decent volumes.Considering the recent price volume action, traders with existing positions can continue to hold the stock with a strict stop loss below Rs 20.50. The probable targets for the stock for the near term is seen around Rs 27.