Indian markets closed in the red on Wednesday for the second consecutive day in a row. The Nifty50 closed below 18,000, while the S&P BSE Sensex fell by more than 650 points.

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Sectorally, buying was seen in the public sector, utilities, power, and metals, while selling was seen in IT, telecom, FMCG, and finance.

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Stocks that were in focus, include Alok Industries Ltd, which gave up most of the gains and closed flat with a positive bias, Tata Elxsi rose over 9 per cent, and Lakshmi Machine closed with gains of over 5 per cent on Wednesday.

Here's what Santosh Meena, Head of Research, Swastika Investmart Ltd, recommends investors should do with these stocks when the market resumes trading today:

Tata Elxsi: Buy

The counter is in a strong bullish trend where it has formed a base around Rs 5,260 at the 100-DMA. It witnessed a breakout on Wednesday from the symmetrical triangle formation.

The stock is trading in a blue sky zone, which is its all-time high level and in the near term, we are expecting 8000+ levels.

On the downside, Rs 5,800 is major support and at any correction 5200 will act as the next critical support level. Momentum indicators are positively poised to support the current strength.

Lakshmi Machine: Buy

The counter is in a classical uptrend and a breakout from a symmetrical triangle formation with strong volumes on the weekly chart is positive.

It formed a base around Rs 9,000 at 20 & 50-DMA and we are expecting Rs 12,800 levels in the near term. On the downside, Rs 9,500 is major support at any correction, while 9,000 is the next critical support level.

Alok Industries: Hold

The counter is coming out of a long consolidation. The overall structure is very bullish as it trades above its all-important moving averages.

The pattern suggests an immediate target of Rs 45, while it has the potential to move further upside. On the downside, Rs 26 will act as an immediate support level. MACD (Moving average convergence divergence) is supporting the current strength.

(Disclaimer: The views/suggestions/advices expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)