Indian market rose for the second straight day in a row on May 24 following positive global cues. The rally got support from the small & midcap which outperformed benchmark indices to hit fresh record highs.
The S&P BSE Sensex rallied more than 100 points while the Nifty50 closed just a shade below 15200 levels.
Stocks that were in focus include Birlasof,t which rallied over 11 percent to hit fresh 52-week high post results, Century Ply that gained nearly 9 percent, and Natco Pharma which closed with gains of over 9 percent.
Here's what Jatin Gohil, Technical and Derivative Research Analyst, Reliance Securities, recommends investors should do with these stocks when the market resumes trading today:
The stock scaled to an all-time high with strong volumes and has gained by about 21 percent on a month-to-date (MTD) basis.
We believe that one should look at the retracements near to the previous all-time high levels of Rs 250-255 range for considering fresh investments.
The RSI has also moved up to 84 levels suggests that the risk-to-reward ratio is not in favour of longs. We would recommend booking profit at current levels.
The stock has witnessed a strong breakout from its 200-week average with strong volumes and higher delivery-based buying over the past few months.
As the price up move is very sharp, one should book profit at current levels and wait for dips to buy fresh.
Any decline or retracement near to the short-term average of Rs 360 levels would be a good opportunity to go long.The stock opened higher and made a new high of Rs 1188 and witnessed a sharp profit booking in the first hour of trade.
We believe that one should book profits at current levels as it indicates a reversal and will witness pullback to fill the gap levels to revisit Rs 980-990 levels.
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