Stocks like Indian Energy Exchange rose nearly 5 percent, Welspun India which hit a fresh 52-week high, closed with gains of over 3 percent, and Axis Bank closed marginally lower on Monday.
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//$ .each(d.ac,function(i,v) //{ // accStr+=”+v.nm+”; //}); $ .each(d.data,function(i,v) { if(v.flg == ‘0’) { var modalContent = ‘Scheme added to your portfolio.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //$ (‘#acc_sel_port’).html(accStr); //$ (‘#mcpcp_addportfolio .form_field, .form_btn’).removeClass(‘disabled’); //$ (‘#mcpcp_addportfolio .form_field input, .form_field select, .form_btn input’).attr(‘disabled’, false); // //if(call_pg == “2”) //{ // adtxt =’ Scheme added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //else //{ // adtxt =’ Stock added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //$ (‘#mcpcp_addprof_info’).css(‘background-color’,’#eeffc8′); //$ (‘#mcpcp_addprof_info’).html(adtxt); //$ (‘#mcpcp_addprof_info’).show(); 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Indian market continued the decline for the second consecutive session in a row but managed to recoup most of the intraday losses on March 15 which is a positive sign for the bulls.
The S&P BSE Sensex, which at one point in time broke below the crucial support of 50,000, closed just a shade below 50,400 levels, while the Nifty50 index failed to hold on to 15,000-mark and closed above 14,900 levels.
Sectorally, buying was seen in metal, power, utilities, IT, and public sector while selling pressure was visible in energy, finance, healthcare, and capital goods space.
Stocks like Indian Energy Exchange (IEX) rose nearly 5 percent, Welspun India which hit a fresh 52-week high closed with gains of over 3 percent, and Axis Bank closed marginally lower. It was the top Nifty loser in intraday trade on Monday.
Here’s what Jatin Gohil, Technical and Derivative Research Analyst, Reliance Securities, recommends investors should do with these stocks when the market resumes trading on March 16:
Indian Energy Index (LTP – Rs 344) | Target: Rs 400
Continuing its prior daily rising trend, the stock recorded a new high of Rs 361 on March 15. It is in a strong up-trend for the last couple of months.
Major moving averages are sloping upwards. The key technical indicators are in buy mode. This could take the stock towards Rs 400 in the short-term.
Welspun India (Close – Rs 83.75) | Target: Rs 100
On March 12, the stock gave a breakout after five-month of narrow range consolidation (Rs 64- Rs 78).
The stock extended gain thereafter and rose to 3.5 year high of Rs 87.60.
Positively poised technical indicators and spike in the volume, signal that the stock will continue its up-move. The stock has the potential to test Rs 92 initially and Rs 100 subsequently.
Axis Bank (Close – Rs744) | Target: Rs798
The stock bounced after testing its near-term support zone (placed at Rs 720- Rs 710) and recovered partial intraday loss.
Major technical indicators on the near-term time frame chart reversed from their lower levels and positively poised.
This could take the stock towards Rs 780 initially and Rs 798 subsequently.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
