Nifty50 hit a record high of 15773 on Monday while the S&P BSE Sensex is still 188 points shy of hitting fresh record highs. The broader markets outperformed.
Sectorally, the rally was seen in utilities, power, infrastructure, telecom, and energy space while some profit-taking was visible in realty and finance as well as metals.
Stocks that were in focus on Monday include Adani Power which rallied 20 percent to hit a fresh 52-week high, Adani Ports (up 5 percent), and BHEL (up 4 percent). All stocks hit a fresh 52-week high.
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:
Adani Power: Hold | Target: Rs 200
On June 7, the electric utility space remained in focus with positive momentum. Adani Power emerged as a top gainer in that space with gains of 20 percent.
The stock has given 5.5-time return from its lowest level of March 2020 (Rs23). Major technical indicators on the long-term as well as medium-term chart are in favour of the bulls.
This could take the stock towards Rs 145.9 (life-time-high) initially and Rs 200 subsequently. Hence, we believe one should hold their long position for at least 3-6 months for the desired action.
Adani Ports and Special Economic Zone: Hold | Target: Rs 1,000
Continuing its prior daily rising trend, the stock recorded a new high of Rs 898.80 on June 7. Spike in volume and positively poised technical indicators signal that the prevailing up-trend will continue.
This could take the stock towards its psychological level Rs 1,000. Hence, we believe that one should hold their long position for at least 2-3 weeks of the desired action.
Bharat Heavy Electricals Limited: Buy | Target: Rs 107
The industrial manufacturing space has remained in positive momentum for the last couple of months. In May, BHEL witnessed a trendline breakout and rose to a 2-year high.
Spike in volume signal major market participants are in favour of the bulls. We believe the stock will extend the gain and will move towards Rs 107 in the next 3-6 months.
The key technical indicators on the long-term timeframe chart are positively poised, which coincides well with probable rise.
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