Inox share price, Rain Industries stock price and Nesco share price trading strategy: The Indian market started off on a strong note amid positive global markets. Benchmarks Nifty50 started near 17,900 and Sensex opened above 59,900. Aided by positive FIIs and upbeat sentiment about India's growth story, the barometer indices only gained further as Nity50 approached 18,000, while the Sensex rose by around 450 points.  

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The rally was also supported by broader market and sectoral indices as Nifty Midcap and smallcap traded between 0.5%-1% , while all sectoral indices traded in the green. Nifty IT and Media outperformed the market, gaining between 1.5-2% in early trade on Monday.  

The most important bullish factor that has caused and is sustaining India's market outperformance is the strong growth recovery underway in India now, underlined K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. 

"RBI's report which puts bank credit growth now running at 15.5% is an endorsement of this fact. Bank Nifty which has outperformed Nifty by 11% is a reflection of this strong undercurrent in the banking segment. Even though valuations are high it appears that this rally has more steam to go up," he said. 

Earlier, some stocks came in focus on Friday. These stocks were Inox Leisure, Rain Industries and Nesco. Nesco share price jumped over seven per cent to Rs 651.20 per share on the BSE on Friday. Shares of Rain Industries dropped nearly eight per cent to Rs 185.75 and Inox Leisure declined five per cent to Rs 494.40 per share on the BSE on Friday.  

Here is what Amol Athawale, Deputy Vice President - Technical Research, Kotak Securities Ltd, recommends investors should do with these stocks 

Nesco: HOLD  

It is from the basket of realty stocks. The entire sector is performing well and we are expecting further upside for the sector and its stocks. NESCO was under tremendous selling pressure since January 2022 at 615, however, on Friday, we saw that the stock was absorbing the selling pressure. In fact, it has also tried to remove the barrier of 700, but it was unsuccessful. However, looking at the weekly price formation along with the increase in volumes, in the coming days, the stock will manage to cross the same. The strategy should be to hold positions at current levels and buy fresh if corrects to 620/615. Place stop loss at 580. 

Rain Industries: SELL 

The stock reversed from the expected resistance level of 195/200.  While looking at the commodity cycle and related stocks, our advice is to reduce or exit the investments and to focus more on Financials or Technology companies.  The stock has the next major support only in the region of 155/145.  Keep reducing positions at each resistance level. 

INOX: BUY 

The long-term chart exhibits bullishness for the stock.  Eventually, it will merge with PVR, which is a giant player in the sector.  Technically, the short view for both the stocks seems uncertain.  However, on the medium-term chart, it has support at 480 and at 450.  It is advisable to buy in tranches at given support.  It has the potential to bounce up to 560 and 630. 

(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.)