Trade Spotlight: Adani Gas, Tata Steel and Astral Poly in focus

Indian market rose for the third consecutive day in a row on November 17 but could see some profit booking on November 18 tracking muted trend seen in other Asian markets.

Indian market came off highs in the second half of the trading session on Tuesday. The S&P BSE Sensex hit a fresh record high above 44000 for the first time at 44,161 while the Nifty50 reclaimed 11900 levels but failed to close above the same.

Let’s look at the final tally on D-Street – the S&P BSE Sensex rose 314 points to 43,952 while the Nifty50 closed with gains of 93 points to 12,874.

Sectorally, the action was seen in industrials, metals, capital goods, banks, and realty stocks.

Stocks like Tata Steel which rose over 6 percent, Adani Gas added nearly 20 percent to gains, and Astral Poly closed with gains of about 15 percent were some of the stocks in focus.

We have collated views of experts on what investors should do when the market resumes trading on 18 November:

Expert: Vikas Jain, Senior Research Analyst at Reliance Securities

Adani Gas: Hold |Target: 320

The stock has witnessed a sharp breakout from its multi-month high of 200 levels and gained by 40 percent over the past 3 weeks.

It is trading at a multi-year high and any decline near to its last week close will act as strong support for the stock after today’s move. We believe it can move further higher near to 320 levels on the higher side over the next few weeks.

Astral Poly: BOOK PROFIT

Post the bonus issue in Sep-19 and correction, it has bounced from its 200-week average and scaled an all-time high.

It’s the swift up move from Rs 1100 to Rs 1548 levels over the past 2 weeks suggesting to book profit at current levels and wait for decline.

RSI has inched upwards to 78 levels and risk-reward is not in favor of longs.

TATA Steel: Hold |Target: 580

The stock has recovered its YTD corrective action and turned positive on its yearly candle with positive price action and announcements.

Its 200-week average breakout with strong volumes suggests a further up move of another 10-12% from current levels. Any decline near 480-490 levels would be a good entry point.

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.