Buy, Sell or Hold: What should investors do with Gujarat Ambuja, JK Paper and Bharat Dynamics?
The S&P BSE Small-cap index rose 1.4 per cent, and the S&P BSE Mid-cap index gained 1.8 per cent.
![Buy, Sell or Hold: What should investors do with Gujarat Ambuja, JK Paper and Bharat Dynamics? Buy, Sell or Hold: What should investors do with Gujarat Ambuja, JK Paper and Bharat Dynamics?](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_850x478/public/2022/03/17/177705-untitled-design-2022-03-14t183045808.jpg?itok=nF_WHD8g&c=c5af8c0f92ccc8e249257bf0f1cb18e8)
Indian market closed with gains of over 1 per cent on Wednesday following positive global cues. The S&P BSE Sensex rose more than 1000 points, while the Nifty50 closed above 16900.
Sectorally, buying was seen in realty, metals, oil & gas and consumer durables. The S&P BSE Small-cap index rose 1.4 per cent, and the S&P BSE Mid-cap index gained 1.8 per cent.
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Stocks that were in focus include Gujarat Ambuja Exports which closed with gains of over 12 per cent, JK Paper rallied nearly 10 per cent and Bharat Dynamics rallied over 6 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:
Gujarat Ambuja: Book Profits
The counter is showing strong bullish momentum and it has witnessed a breakout of broadening wedge formation that may lead to further strength towards the 300 level.
On the downside, 243-225 are immediate and strong support levels. It is trading above its all-important moving averages and momentum indicators are also positively poised. However, most of them are heading towards an overbought zone and that may lead to profit booking near the 300-mark.
JK Paper: Profit booking
The counter is witnessing a furious rally after a breakout from a falling wedge formation. The long-term structure is very strong, and the stock may continue to outperform.
However, the near-term chart structure is looking stretched and most of the momentum indicators are in the overbought zone, therefore, a profit booking can't be ruled out from higher levels.
On the downside, the 260-250 area will be the strong demand zone at any pullback.
Bharat Dynamics: Profit booking
The counter is moving in a beautiful upsloping channel formation since September 2020 and currently, it is trading near the higher end of the channel.
Therefore, there is a risk of profit booking around 570 level but if it manages to close above 570 level then we can expect a fresh expansion phase for higher levels.
On the downside, 510-500 will be the immediate support area while 480 will be a strong support level at any correction.
(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.)
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