The action was seen in Bharti Airtel which rose nearly 7 percent, L&T Infotech rose marginally after hitting a fresh 52-week high, and IndiaMART InterMESH rose 4 percent to hit a fresh 52-week high on Tuesday.
Indian market recouped most of the losses made on August 31 as bulls managed to reclaim control on D-Street on September 1 pushing Nifty50 above 11400 while the S&P BSE Sensex rallied by nearly 300 points.
Let’s look at the final tally on D-Street on Tuesday – the S&P BSE Sensex rose 272 points to 38,900 while the Nifty50 rose 82 points to close at 11,470.
Sectorally, action was seen in telecom, metals, power, healthcare, and capital goods space while profit-taking was visible in IT, and the Oil & Gas space.
The action was seen in Bharti Airtel which rose nearly 7 percent, L&T Infotech rose marginally after hitting a fresh 52-week high, and IndiaMART InterMESH rose 4 percent to hit a fresh 52-week high on Tuesday.
We have collated views of experts on what investors should do when the market resumes trading on Wednesday, 2 September:
Expert: Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in
Bharti Airtel: Investors can hold for initial targets of 565
This counter appears to have consolidated around its 200-Days simple moving average (SMA), for the last couple of trading sessions before initiating a fresh leg of the upswing in Tuesday’s session.
With this fresh breakout, this counter can initially head towards the next hurdle placed around Rs 565 levels. However, as momentum is looking strong, if this counter manages a sustainable close above the said hurdle then it can extend its upswing towards 590.
Existing investors can hold for initial targets of 565 whereas fresh buying can be considered on a dip into the zone of 529 – 520 levels with a stop below 514 on a closing basis.
L&T Infotech: Buy for a target of Rs 2,679
This counter appears to have undergone a corrective consolidation phase after clocking in net gains of almost 100 percent from the March lows of 1210 before resuming its uptrend in Tuesday’s session.
As this counter is trading in uncharted territories with new highs, one can buy for a target of 2679 levels. The stop suggested for the trade is close below 2400 levels.
IndiaMart InterMESH: Wait for a breakout above Rs 3870 levels
This counter appears to be in a consolidation phase in the zone of 3870 – 3485 levels. Hence, unless this counter-witness a sustainable breakout above 3870 levels it can once again slip to test the lower end of the consolidation band placed around 3485 levels.
In case of a breakout above 3870, an initial target of 4200 can be expected. For time being positional traders can hold this counter with a stop below 3680 on a closing basis in anticipation of a breakout whereas fresh buying can be safely done on a close above 3900 levels.
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.