The stock markets were trading with modest gains on Tuesday around 1:15 pm, with the BSE Sensex trading at 61,015.71, up by almost 48 points or just 0.08% from the Monday closing levels. Meanwhile the 50-share Nifty50 was trading up 17 points or 0.10 per cent at 18, 143.25.  

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While, most sectoral indices were trading in the green, the spotlight was on realty sector which was the biggest gainer. Banking stocks were laggards, with Nifty Bank down 0.11 per cent while Nifty Private Bank lower by 0.53 per cent from the Monday closing.  

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Nifty Realty was trading at 509.20, up almost 2.6 per cent or 12.57 points. In the 10-share index, 9 advanced while I declined.  

The biggest gainers were Macrotech Developers Limited (Lodha), Brigade Enterprises Limited and Sunteck Realty Limited. The stocks were up 7.5 per cent, 6.4 per cent and 3.6 per cent respectively around this time.  

Macrotech shares were trading at Rs 1040 while Brigade and Sunteck stocks were trading at Rs 460.70 and Rs 450.80 respectively. 

Technical Analyst Nilesh Jain said that a base formation has occurred in Nifty Realty index at levels around 480, which acts as a strong support. Jain, who is Assistant Vice President (AVP), Equity Research Technical and Derivatives at Centrum Broking said that the sector is up for last leg of forward rally. He seas an upside of 540 over the next fortnight.       

He also recommended two stocks which have the potential to give good returns to the investors. 

His first stock is Oberoi Realty Limited, the share of which were trading at Rs 938.70, up by almost Rs 30 or 3.4 per cent on the intraday basis around this time. He said that the stock witnessed a dragonfly dogi formation which is a type of candlestick formation indicating a trend reversal upwards or downwards. In this case, it appears that that there is an upside open, the AVP said indicating a bullish trend unfolding in this real estate stock.  

A breakout from the sideways consolidation is see, he added. Buy this share for a target price of Rs 1000 with a stop loss of Rs 900.    

On 14 October 2021, the stock hit its 52-week high of Rs 1007.70 

Another stock picked by him was Godrej Properties. Calling it an excellent stock, he said that it is strong buy contender. The stock has witnessed a tweezer bottom at levels of Rs 2200. This should be taken as a stop loss while making positions in it, Jain said. He puts the target price at Rs 2500.  

The stock was trading at Rs 2328 around this time, up by over Rs 48 or 2.1 per cent. The 52-week high is 2598, which this stock hit on 14 October 2021. 

Jain’s views are on the basis of technical analysis of specific sector and stocks and not based on the fundamentals.  

(Disclaimer: The views/suggestions/advises 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.)