After a day of steep fall, the market recovered smartly, with the BSE Sensex climbing more than 500 points to reclaim the 59,000-mark on September 21. The recovery in most beaten-down sectors and the rally in global peers ahead of FOMC meeting lifted sentiment.
The Nifty also closed above 17,550, gaining 165.10 points driven by FMCG, IT, metals, pharma and select banking & financials stocks. The volatility also cooled down as the India VIX, which measures the expected volatility in the market, declined 5.55 percent.
Stocks that were in focus included state-owned oil & gas exploration company ONGC, which was the second-biggest gainer among Nifty50, rising 5.21 percent to close at Rs 135.20 after hitting an intraday high of Rs 136, the highest levels seen since November 2019. It has rallied 23 percent in the last month.
Mumbai-based real estate developer Godrej Properties hit a record high of Rs 1,758.60 before closing with gains of 4.78 percent at Rs 1,723.65, while multiplex chain operator PVR was also in action, rising 5.95 percent to Rs 1,508.50 and was the top gainer in the F&O segment.
Here's what Mazhar Mohammad, Chief Strategist–Technical Research & Trading Advisory, Chartviewindia.in, recommends investors should do with these stocks when the market resumes trading today:
Godrej Properties
This counter appears to have resumed its uptrend after a brief struggle for a couple of sessions, from the lows of Rs 1,602 hit on last Monday. As it is trading in uncharted territory, any mild weakness in the next session can be an opportunity to create fresh long positions.
A close look at the last 20 weeks of price action reveals that it is moving in some kind of ascending channel. Hence, a breakout above the said channel can open up bigger targets towards Rs 1,900.
Therefore, existing investors are advised to hold whereas fresh buying should be considered on dips but with a stop below Rs 1,650.
ONGC
Despite the current breakout on short-term charts, long- term trend remains down in this counter, as it topped out in 2014 with a high of Rs 314 and also remained an underperformer in the current 18-month bull market.
However, in the near term, as long as it sustains above Rs 125 a higher target of Rs 147 can be expected. In between, around Rs 145 levels, it may face stiff resistance from the down-sloping trendline on monthly charts, which is in progress from the highs of the year 2014.
Therefore, it looks prudent for traders to consider booking profits around Rs 140.
PVR
This counter appears to have registered a fresh breakout, from a downward tilting channel after remaining in a corrective and consolidation phase of 65 days. Hence, if it sustains above Rs 1,405, its initial target can be close to Rs 1,590.
But a bigger breakout with a brisk upmove for higher targets is possible on a close above Rs 1,592. In that scenario, a higher target of Rs 1,800 should be expected.
Traders are advised to hold for an initial target of Rs 1,590 by placing a stop below Rs 1,400. In between, any dip towards Rs 1,450 can also be an opportunity to create fresh longs.
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. 
