Indian market created history on Monday as Nifty50 climbed above 18500 levels for the first time while the S&P BSE Sensex inched closer towards 62000.

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

On the sectoral front – metal, utilities, power, and public sector led the rally while mild profit booking was seen in healthcare and telecom indices.

See Zee Business Live TV Streaming Below:

Stocks that were in focus include Tata Power that rose over 15 per cent, NHPC closed with gains of 15.07 per cent and Hindustan Zinc rallied over 11 percent. All stocks hit a fresh 52-week high on Monday.

Here's what Jatin Gohil, Technical Analyst at Reliance Securities, recommends investors should do with these stocks when the market resumes trading today:

Tata Power: Buy

In this year, it seems that bulls are in favour of the power sector. The stock has already rallied by 244% Y-T-D (year-till-date).

The key technical indicators are positively poised for an uptrend and major moving averages are sloping upwards.

We believe that undergoing positive momentum will continue, which could take the stock towards Rs280 initially and Rs300 subsequently.

Though the overall view is bullish, higher-level profit booking cannot be ruled out.

Fresh long position can be initiated only on dips. In case of decline, the stock will find support at around its psychological level Rs200.

NHPC: Buy

Continuing its prior monthly rising trend, the stock rose to a fresh 10-year high of Rs37.05 and reported 19 per cent rise M-T-D (i.e. Month-Till-Date).

Major technical indicators on the medium-term as well as long-term timeframe chart are in favour of the bulls.

The stock has the potential to move towards Rs42-50-55 in the medium term. On the lower side, the stock will find support at around its 100-day SMA, which is placed at Rs27.

Hindustan Zinc:

The stock witnessed a breakout from a bullish continuation pattern (Flag) and recorded a new high of Rs408.60. The key technical indicators are positively poised.

This could lead the stock towards Rs464-500 in the medium-term. The stock will find support at around its 50-week EMA, which is placed at Rs302.

(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.)