Trade Spotlight: What should investors do with Atul, IndusInd Bank, & SCI?

Atul rose nearly 3 percent with strong volumes, IndusInd Bank fell by over 4 percent, and Shipping Corporation of India was up nearly 12 percent towards the close of the trade on March 22.

Kshitij Anand
March 23, 2021 / 08:06 AM IST

It is always interesting to keep a track of ace investors’ portfolios and foreign institutional investors’ movements. Moneycontrol analysed the portfolio of Rakesh Jhunjhunwala to see if FIIs had increased their stake in any of the stocks in the December quarter. Interestingly, 15 out of a total of 36 stocks of the portfolio have witnessed increased FIIs holding in December 2020 quarter, according to data shown on ACE Equity. Price-performance for the period (September 30, 2020 to March 10, 2021) barring MCX India all other stocks have given positive returns. In fact, 8 stocks from the list have also outperformed the benchmark index Sensex performance which gained 35 percent for the same period. The stock - NCC topped the list with a surge of 144 percent. Jhunjhunwala makes investments in Indian companies under the following names - Jhunjhunwala Rakesh Radheshyam, Jhunjhunwala Rekha Rakesh, Rakesh Jhunjhunwala (in a personal capacity), Rekha Rakesh Jhunjhunwala and RAKESH JHUNJHUNWALA (in the capacity as a partner of RARE Enterprises).

 
 
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Indian markets made a smart recovery in the last hours of trade on March 22 after falling sharply in the first half of the session. Benchmark indices recouped losses and closed flat-to-lower but small and midcaps outperformed. The S&P BSE midcap index was up 1 percent and smallcap index 0.7 percent.

In terms of sectors, buying was seen in realty, IT, FMCG, and healthcare while profit-taking was seen in banks, finance, consumer durables, and the public sector.

Atul rose nearly 3 percent with strong volumes, IndusInd Bank fell by over 4 percent and the Shipping Corporation of India was up nearly 12 percent towards the close of the trade. Read expert recommendations on how to trade these stocks today.

Expert: Vikas Jain, Senior Research Analyst at Reliance Securities

Atul Limited: Hold |Target: 7400

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The stock has been in a strong uptrend since March 2014 and is scaling new highs every quarter holding its 20-month average as a strong support line.

We believe that the positive momentum can continue till it does not break below the Rs 6,300 level on the downside.

We expect the stock to scale a new high surpassing its all-time high of Rs 7,020 in the coming weeks.

Indusind Bank: Buy|Target: 1180

The stock is in a corrective phase over the past few weeks after a strong outperformance when it moved higher from Rs 484 to Rs 1,124 (September 20 to February 2021).

It has strong support near 920-940 levels and the recent decline is an opportunity to add the stock from current levels.

The RSI is also trading near the lower band, which provides comfort for the up move.

SCI: Book Profit AT 135

The stock has witnessed a strong breakout from its 200-week average near 65 and has doubled in the last three months.

Price volatility has increased on the back of multiple news flow of divestment and sharp up move indicates it will test its recent high.

Any up move near to its previous peak would be a good opportunity to book profit and wait for corrective action.

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.
Kshitij Anand is the Editor Markets at Moneycontrol.
TAGS: #Market Edge #MARKET OUTLOOK #Nifty #Sensex #stock recommendations #Technical Recommendations #Trade Spotlight
first published: Mar 23, 2021 08:06 am