Trade Spotlight | What should investors do with Bosch, Deepak Nitrite, IRCTC, Tata Chemicals and MCX?

Here’s what Gaurav Sharma of Globe Capital Markets, recommends investors should do with these stocks when the market resumes trading today.

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The market snapped its two-day winning streak on October 6 with the BSE Sensex falling more than 550 points and the Nifty50 shedding 1 percent to settle at around 17,650 as global peers declined due to rising US bond yields and inflation concerns.

All the sectoral indices closed in the red with metals (down 3 percent), pharma (down 1.9 percent), auto (down 1.2 percent), and IT (down 1.3 percent) being the prominent losers.

The broader market also corrected largely in line with benchmarks. The Nifty Midcap 100 and Smallcap 100 indices fell 0.91 percent and 0.83 percent, respectively.

Stocks that were in focus included Bosch, which ended 11.66 percent higher at Rs 17,277.35, IRCTC (closed at Rs 4,463.35 with gains of 7.13 percent), and Deepak Nitrite (surged 8.10 percent to close at Rs 2,886.80). Bosch was the biggest gainer in the futures & options segment.

Tata Chemicals touched an all-time high of Rs 980.85 before closing 3.39 percent higher at Rs 962.55, while commodity derivatives exchange MCX India climbed 1.9 percent to close at Rs 1,719.90.

Here’s what Gaurav Sharma of Globe Capital Markets, recommends investors should do with these stocks when the market resumes trading today:

Bosch

The stock has posted fresh breakout on weekly charts which was supported by strong volume, indicating buyers’ interest at current juncture.

Post this development, we believe the stock is likely to trade with bullish bias in the near term. Hence, traders can take long positions for targets close to Rs 19,500, and maintain stop loss below Rs 16,500.

IRCTC

It is one of the most talked about stocks at current juncture just because of the upmove, it has posted in recent past. It was trading around Rs 1,600 in April this year and currently it is quoting near Rs 4,500 levels i.e. 180 percent rise in just 6 months.

It is still very well placed on charts and short term traders are advised to utilize dips to take fresh long positions for targets close to Rs 5,000-5,400, and keep a stop loss below Rs 4,000.

Tata Chemicals

It is one of my favourite stocks at the moment. It has performed well in the past and we believe such performance will continue ahead as well.

Traders are advised to hold existing long positions and utilize dips to add more as we see it heading towards Rs 1,100-1,200 levels in weeks to come, and maintain stop loss below Rs 880.

Deepak Nitrite

This stock is in a long term uptrend, the steep upmove that we are witnessing now is an outcome of a breakout from congestion range Rs 1,500-2,000 in which it has consolidated for almost three months.

We suggest traders to wait for some dips to take fresh entry as the upmove has been quite steep. Buy on dips around Rs 2,600 for targets close to Rs 3,000-3,300, keeping stop loss below Rs 2,300.

MCX India

It has underperformed in recent past, at current juncture Flag & Pole pattern is clearly visible on weekly charts. Breakout from the same could be achieved if stock manages to close above Rs 1,700 levels by this Friday.

Upon which, we can see steep rise in stock price till Rs 1,850 levels in the immediate near term and levels close to Rs 2,000 in next couple of weeks. Traders should maintain stop loss below Rs 1,580.

Disclaimer: The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.