Trade Spotlight: What should investors do with Chola Finance, ICICI Bank and Motherson Sumi?

Market Outlook

Stocks like Chola Investment rose over 13 percent, ICICI Bank closed with gains of over 4 percent, and Motherson Sumi rose nearly 7 percent were some of the socks in focus.

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Indian market rallied on Monday pushing benchmark indices by over 1 percent each. The S&P BSE Sensex climbed above 52,000 for the first time while the Nifty50 rose above 15,300 levels.

The Nifty50 raced past 15,000 for the first time on February 5 and it took only six sessions for the index to breach 15,300 levels post the Budget 2021.

Sectorally, the action was seen in banks, finance, realty, telecom, capital goods, and healthcare while some profit-booking was witnessed in IT, consumer durables, metals, and oil & gas stocks.

Chola Investment (up over 13 percent), ICICI Bank (up over 4 percent), and Motherson Sumi (up nearly 7 percent) were some of the socks that hogged the limelight during the session. All three stocks hit their respective 52-week highs on Monday.

We have collated views of experts on what investors should do with these stocks when the market resumes trading on February 16:

Expert: Vikas Jain, Senior Research Analyst at Reliance Securities.

Chola Investment Finance: BOOK PROFITS.

The stock is one of the consistent outperformers. It is holding above its short-term averages since its breakout in Oct’20 and remains an outperformer.

It is trading at an all-time high with a sharp up move of 14 percent in Monday’s trade and up 34 percent on a month-to-date basis post its quarterly results.

The RSI has also moved up to 75 levels with risk-reward, not in favour of longs. We would recommend booking profit at current levels.

ICICI Bank HOLD |Target: Rs 710

The stock continues to outperform the broader markets with gains of 35 percent in the current month till date.

It has given a strong breakout above its previous all-time high of Rs 550 levels and witnessed a vertical up move.

The current up move can continue over the next few weeks as the price momentum and volumes are very strong.

Motherson Sumi: HOLD |Target: Rs 240

The stock has given a breakout from its 200-weeks’ average at sub Rs 165 levels and moved up swiftly over the past few weeks.

It has strong resistance near Rs 240 levels on the higher side, where we believe it can witness some profit-booking. Any decline near to Rs 175-Rs 180 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.