The market strongly defended the 18,000 mark on the Nifty50, though it fell below the same levels intraday, and finally closed higher for the first time in last five consecutive sessions, with minor gains on October 25. But the sharp sell-off continued in the broader space as the Nifty Midcap 100 index corrected 1.7 percent and Smallcap 100 index fell 2.34 percent with weak market breadth.
The BSE Sensex gained 145 points to settle above 60,950 levels, and the Nifty50 closed above 18,100 mark, up 10.50 points, after showing recovery of over 150 points from day’s low.
Banking and financials led the market higher and supported for second straight sessions, while FMCG, IT and auto corrected sharply.
Stocks that were in focus include ICICI Bank, which was the biggest gainer in the Nifty50 as well as in the F&O segment, hitting a record high of Rs 867 before closing with gains of 10.85 percent at Rs 841.70 after healthy September quarter earnings.
Multiplex chain PVR was the second biggest gainer in the F&O segment, hitting fresh 52-week high of Rs 1,768.05 and finally settled at Rs 1,727.40, up 6.14 percent. KEC International hit the highest ever level of Rs 541.70, before closing with 7.03 percent gains at Rs 526.35.
Here’s what Vikas Jain of Reliance Securities, recommends investors should do with these stocks when the market resumes trading today:
The stock has witnessed a breakout above its 200-week average with strong volumes and positive price action.
RSI (relative strength index) is also above the higher band of 70 levels and will continue to outperform in line with the price action.
Any decline near to the recent lows of Rs 1,595-1630 levels would be a good opportunity to add longs near to all-time high of Rs 2,000 levels. We advise to hold the stock.
The stock scaled an all-time high with strong volumes on the back of good quarterly numbers.
It was trading in a narrow range over the past three months and the confluence of averages has given a breakout above Rs 740 levels.
We would recommend holding for a higher target of Rs 900 in the current momentum from current levels.
The stock is one of the consistent outperformers in the capital goods sector and scaled a new high in the current momentum.
RSI has inched upwards to 79 levels and risk reward is not in favour of longs as the recent up move is sharp.
We recommend to book profits in higher range of Rs 550 levels over the next few days.
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