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Business News » Markets News

Buy, Sell or Hold: What should investors do with IRB Infrastructure, Union Bank & Federal Bank?

Stocks that were in focus on Thursday include IRB Infrastructure that rose over 15 per cent, Union Bank of India closed with gains of 6 per cent and Federal Bank rallied over 2.6 percent. Here's what Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in, recommends investors should do with these stocks on Friday.

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Buy, Sell or Hold: What should investors do with IRB Infrastructure, Union Bank & Federal Bank?
In the broader market, the S&P BSE Sensex closed below 62000 while the Nifty50 breached 18200 levels on the downside. Source: Reuters

Indian market closed in the red on Thursday for the third consecutive day in a row. Bears that took control of D-Street amid muted global cues pushed both Sensex, and Nifty50 below crucial support levels.

The S&P BSE Sensex closed below 62000 while the Nifty50 breached 18200 levels on the downside.

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On the sectoral front – banks, finance, auto, and power stocks buying interest while selling was seen in IT, metals, telecom, and energy stocks.

Stocks that were in focus include IRB Infrastructure that rose over 15 per cent, Union Bank of India closed with gains of 6 per cent and Federal Bank rallied over 2.6 percent.

Here's what Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in, recommends investors should do with these stocks when the market resumes trading today:

IRB Infrastructure: Hold

This counter seems to have registered a price and volume breakout as it emerged out of a minor consolidation zone of 13 sessions.

However, as this counter witnessed a sharp price appreciation in the last session, some kind of consolidation and profit booking going forward can’t be ruled out.

Any dips from current levels can be considered as an opportunity to create fresh long positions. Eventually, if the stock sustains above 220 levels, a higher target of 285 can be expected.

While exiting holders can continue to remain invested fresh entry shall be considered in the zone of 237 – 232 with a stop below 220.

Union Bank: Buy

This counter appears to have embarked on a medium-term uptrend as hinted by the sharp price appreciations on the back of massive volumes.

Moreover, on the weekly charts, it seems to have decisively cleared its critical hurdle present around 45. 

Hence, it can be in for a bigger up move going forward. However, positional traders are advised to hold the investment with a stop below 44 and look for an initial target of 63. Even fresh buying can also be considered.

Federal Bank: Wait & Watch

Albeit this counter cleared its immediate resistance on 93 on weekly charts it seems to have entered an area where it has multiple resistance points as it inches upwards.

Therefore, unless it closes above 100, fresh strength shall not be expected. On such a close higher target of 110 is possible. Nevertheless, it looks prudent to exit the position if it fails to close above 98 in the next trading session. On the downside, some weakness can be expected if it slips below 93.

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

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
buy sell ideasIRB InfrastructureUnion BankFederal Bank
Written By: Kshitij Anand
Updated: Fri, Oct 22, 2021
08:32 am
New Delhi, ZeeBiz WebDesk
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