Domestic stocks rose on Monday, tracking firm global cues. They and snapped three-day losing streak. The BSE Sensex surged 859 points, or 1.41 per cent, to settled at 60,747.31. Nifty50 advanced 241.75 points, or 1.35 per cent, at 18,101.20
Select stocks including Mrs Bectors Food Specialities, IDBI Bank and PNC Infratech were on trader radar, after hitting 52-week highs. Here is what Ganesh Dongre, Senior Manager – Technical Research at Anand Rathi suggests traders should do with these stocks in Tuesday’s session:
Mrs Bectors Food Specialities | Hold | Target Price: Rs 465 |
On the weekly chart, Mrs Bectors Food Specialities has already delivered a 50 per cent return since July 2022. The scrip is holding on to its support level of Rs 385-390 on the weekly chart. Traders, who are already holding this stock can book a profit near the price of Rs 465. On the indicator front, daily MACD has displayed a negative divergence on the histogram, which hints toward sideways moves in the coming session. One could avoid fresh buying at this level.
IDBI Bank | Hold | Target Price: Rs 65 |
IDBI Bank has delivered more than 50 per cent return on the weekly chart since July 2022. On the weekly chart, the stock holding its support level of Rs 45-47. A trader, who is already holding this stock can book a profit near the price of Rs 65. On the indicator front, daily MACD displayed negative divergence on the histogram, which hints toward sideways moves in the coming session. One could avoid fresh buying at this level.
PNC Infratech | Buy | Target Price: Rs 385 | Stop Loss: Rs 270 |
On the daily chart, PNC Infratech has shown a reversal on the 50 DMA price pattern, Traders can buy and hold this stock for the target price of Rs 385. On the indicator front, the weekly MACD displayed a bullish crossover near the zero line, which indicates further upside on the counter. One can buy at the current levels with an upside target of Rs 385 and a stop loss of Rs 270.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Business Today)
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