The Indian markets closed with losses of over 1 per cent on Thursday after 4 consecutive days of gains. The S&P BSE Sensex fell more than 600 points to close below 60,000, while the Nifty50 closed below 17800 levels.

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

Sectorally, buying was seen in telecom, auto, consumer durables, and oil & gas, and selling was seen in realty, IT, energy, and FMCG.  

Stocks that were in focus include JBM Auto that closed with gains of nearly 10 per cent, Bharat Gears closed with gains of over 13 per cent and RBL Bank rose over 2 per cent.

See Zee Business Live TV Streaming Below:

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:

JBM Auto: Buy

This counter is in a study uptrend and is trading in uncharted territories hinting at a robust long-term uptrend.

Moreover, since March 2020 lows it seems to be moving in some sort of ascending channel and appears to have broken out of the same which is projecting a much bigger upswing over a period of time.

For time being positional traders can buy into this counter and look for a target of 1490 by placing a stop below 1210.  

Bharat Gears: Hold

Albeit this counter is buzzing in last couple of trading sessions with a rally from the lows of 144 to a high of 185 in the last 3 trading sessions, the medium-term trend seems to be on a consolidation mode in a range of 190 – 130 levels.

Hence, the instant target can be 190 levels but for much sustainable upswing it needs a breakout above 190 levels and on such a breakout a higher target towards 250 can be expected.

For time being it’s a hold for a target of 190 but on the downside technical stop looks below 155 which is far away from possible targets.  Hence, profit booking looks prudent as risk-reward ratios are not looking that attractive.  

RBL Bank: Buy

There seems to be a trading opportunity in this counter as it seems to have embarked on a pullback move after a decent consolidation, for a couple of trading sessions around 125 levels.

Hence, sustaining above 130 levels it can eventually make an attempt to enter into the strong bearish gap present in the zone of 155 to 172 levels.
Hence, positional traders can buy into this counter with a stop below 127 and look for an initial target of 149.  

(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.)