In a strong bounce back, the Indian stock market opened higher by more than half per cent and gained up to one per cent in the intraday trade on Tuesday. The broader Nifty50 was seen approaching 17,500, while the Sensex rose more than 500 points. At around 10.15 am, the Nifty50 was trading at 17,471.95, while the 30-share Sensex at 58,479.86.  

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

In the broader market, outperforming benchmarks, Nifty Midcap and Small cap traded higher by 1.3% and 1.2% respectively.  

Nifty Auto surged 1.77% among sectoral indices as all other sectors sat in the green. Nifty Oil & Gas, Realty, PSU Bank were other notable gainers on Tuesday.  

Meanwhile certain stocks came in focus on Monday. These stocks were Aegis Logistics, Hathway Cable and Tata Elxsi. Shares of Aegis Logistics rose one and half per cent to Rs 298.60, Hathway cable gained more than three per cent to Rs 18.10 and Tata Elxsi traded higher by one per cent to Rs 8961.45 per share on BSE intraday trade on Tuesday.  

Here is what Jatin Gohil, Technical & Derivative Research Analyst at Reliance Securities, recommends investors should do with these stocks. 

AEGIS LOGISTICS LIMITED - Buy  

The stock tested its breakout point, which was placed at around Rs250 and resumed its up-move. Continuing its prior daily rising trend, the stock rose to a 52-week high of Rs294. The key technical indicators are in favor of the bulls on the medium-term timeframe chart. The stock has potential to move towards its point of polarity initially (placed at around Rs340) and its life-time-high of Rs388, subsequently. Fresh long position can be initiated at the current juncture and on dips towards Rs280 for a probable up-move. In case of any decline, the stock will continue to find support around its breakout point, which is placed at around Rs250. 

HATHWAY CABLE - Buy  

On 29th Aug’22, the stock witnessed a price volume action, wherein it jumped to 3 ½ month high with above average volume. Its weekly RSI witnessed a bullish divergence and positively poised. The stock may face hurdles around its 200-day SMA, which is placed at around Rs19 before a fresh up-move. A stable move above that moving average will support the stock to move towards Rs21.50-24-28 in the short term. In case of any decline, the stock will find support around Rs14, which coincides with its 52-week low. 

TATA ELXSI LIMITED - Sell  

Continuing its prior daily falling trend, the stock violated its medium-term moving average (50-day EMA) and slipped to 15-day low. In the past, the stock extended its loss after violating that medium-term moving average. The key technical indicators reversed from the higher levels and turned in favor of the bears. This could drag the index towards its 100-day SMA initially and 200-day SMA, subsequently, which are placed at around Rs8,395 and Rs7,530, respectively. On the higher side, the stock will face hurdle 10,000- mark.