Trade Spotlight | What should you do now with IndusInd Bank, Chambal Fertilisers, Texmo Pipes, & BSE?

#BSE Limited, #Chambal Fertilisers and Chemicals, #IndusInd Bank, #Market Edge, #Nifty, #Sensex, #Stocks Views, #Technicals, #Trade Spotlight

Positive global cues and domestic economic data have helped the market rebound sharply. The BSE Sensex rallied more than 600 points to 57,685, and the Nifty50 climbed 184 points to 17,167 on Wednesday as buying was seen across sectors, except pharma. Nifty Bank, Auto, IT and Metal indices were the leading gainers.

The broader markets also closed in the green with the Nifty Midcap 100 index rising 1 percent and the Nifty Smallcap 100 index up 0.12 percent.

Stocks that were in focus include IndusInd Bank, which was the biggest gainer in the Nifty50, climbing 5.74 percent to Rs 933.65, and Chambal Fertilisers and Chemicals, which was the third biggest gainer in the futures and option segment, rising 9.16 percent to Rs 397.35.

Texmo Pipes and Products was locked in the 10 percent upper circuit at Rs 61.60, and jumped 5.9 percent to Rs 1,651.90 on the BSE.

Here’s what Gaurav Sharma of Globe Capital Markets, recommends investors should do with these stocks when the market resumes trading today:

In the recent past, this stock has corrected quite a lot from its recent highs. It fell from Rs 1,240 on November 2 to Rs 900 now – a decline of nearly 30 percent in a month.

It bounced back sharply on December 1, igniting hopes of a counter rally. Going ahead, sustenance above Rs 1,000 levels will be the key for further up move till Rs 1,100 and higher levels.

It is very well placed on short as well as long term charts, trading comfortably above its 50, 100 and 200-day moving averages, indicating that the up-side move will continue.

In the immediate near-term, we see the stock retesting the Rs 440 levels. Short to medium term traders can consider buying the stock at current market price for Rs 440-475 targets, keeping a stop below Rs 350.

It has recently posted fresh breakout from a rectangle formation on the daily chart. Breakout was supported by strong volume that led to a 10 percent upper freeze.

Presence of important moving averages 50 and 100 exponential moving average (EMA) nearby will restrict the downside move. Considering its current chart formation, we expect it to test Rs 70 soon, which is the first target of the rectangle formation in which it was trading for past six months.

It has been a consistent performer and has been unaffected from the recent sell-off in Indian equity markets. This itself indicates that the stock is in strong hands and an upward move is likely to continue.

We advice traders to hold long positions with a stop loss below Rs 1,420 for Rs 1,800-2,000 targets in the coming months.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

News Related

OTHER NEWS

Daily Voice | Budget 2022: These 3 announcements may surprise markets, says Mohit Nigam of Hem Securities

Mohit Nigam is the Head – PMS at Hem Securities Mohit Nigam, Head – PMS at Hem Securities, says the current decline in the market from the top ought to ... Read more »

UK's oldest cinema reopens after 'biggest existential crisis' ever faced by the industry

"Everyone's really excited with the phone ringing off the hook with everyone saying 'when are you open? When can I come back?' I think people are looking forward to it," says the manager of The Electric cinema - which dates back to 1909. Read more »

France: Business owners share relief as British skiers allowed to return to French slopes after travel restrictions eased

UK holidaymakers were banned from travelling to France for a holiday for almost a month after COVID travel restrictions were brought in to stop the spread of Omicron. Read more »

Big rise in complaints to banking watchdog over new 'KFC, Uber, pregnancy' loan rules

The Banking Ombudsman Scheme says it has seen complaints about lending delays double since the borrowing rules came into effect. The Credit Contracts and Consumer Finance Act (CCCFA) requires banks ... Read more »

Hospitality hit by chronic staff shortages - 'Worst we've seen'

Queenstown hospitality operators, already battered by the dropoff in tourist numbers, are being further beaten up by chronic staff shortages. As a result, restaurants are cutting trading hours, copping complaints ... Read more »

Ships with liquefied gas change course: imports doubled

Liquefied gas has therefore become an alternative for Europe for gas from our own soil or via the pipelines. For years, that subterfuge was not really necessary. “The Gate terminal ... Read more »

COVID-19 update | Maharashtra records 46,393 cases, 48 deaths

Representative image Maharashtra on Saturday recorded 46,393 new coronavirus cases including 416 Omicron infections and 48 pandemic-related deaths, the health department said. The daily new cases came down by more ... Read more »

High fertilizer prices could mean smaller crops for farmers

COLUMBUS, Miss. — Farmers across Mississippi are having to adjust to a steep rise in the price of fertilizer. The Mississippi State Extension Service recently released a study about how ... Read more »

Why you might be leasing not buying your next couch

shironosov | iStock | Getty Images Before eventually moving to California, the grandson of one of interior designer Phyllis Harbinger's wealthy clients who had just graduated from college opted to ... Read more »

Behind GM, Ford's aggressive new electric vehicle strategy is old-time financing: Cash

The cab to a Ford all-electric F-150 Lightning truck prototype is seen on an automated guided vehicle (AGV) at the Rouge Electric Vehicle Center in Dearborn, Michigan, September 16, 2021.Rebecca ... Read more »

Exclusive: SEBI pulls up PTC India Financial, says no board meeting till corporate governance issue addressed

Securities and Exchange Board of India has pulled up PTC India Financial Services (PFS), asking the company not to hold a board meeting until the corporate governance issues are addressed ... Read more »

Cuba relaxes COVID requirements for Russian tourists arriving in groups

Cuba’s embassy in Moscow told that the entry regulations had been relaxed for Russian travelers due to an improving epidemiological situation in the country Read more »

Sibir nuclear-powered icebreaker arrives at homeport of Murmansk from Baltic Shipyard

In Murmansk, the Sibir will start operating along the Northern Sea Route Read more »

Bitcoin pyramid schemes wreak havoc on Brazil's 'New Egypt'

CABO FRIO, Brazil — In April, Brazil’s federal police stormed the helipad of a boutique seaside hotel in Rio de Janeiro state, where they busted two men and a woman ... Read more »

End of tech party hits wealth Jeff Bezos hard: $25 billion up in smoke

The rapidly deteriorating mood is particularly noticeable on the Nasdaq, where many tech giants are listed. From its peak in November last year, the technology stock market has already fallen ... Read more »

Ministop joins French fry war in Japan with larger Bucket Potato as McDonald's reel from potato shortage

Ministop’s Bucket |Potato Ministop has joined the French fries war in Japan by offering its Bucket Potato, which has three times the amount of their X Fried Potatoes for 641 ... Read more »

German government: natural gas is an interim solution in the energy transition

Photo: ANP The use of natural gas is necessary as an interim solution for the energy transition. The German government wrote this in a letter to the European Commission. Berlin ... Read more »

8 Features of The Best Forex Trading Platforms

Retail trading is a robust industry. Around the world, millions of people buy and sell currencies online, and the term “Forex” is now associated with broad portfolios comprising currencies, stocks, ... Read more »

Shell looks at sustainable projects in France with €4 billion in its pocket

According to Van Beurden, Shell is looking at possible investments in French offshore wind farms, charging stations for electric cars and the production of hydrogen and biofuel for aircraft. France ... Read more »

The 21-year-old College Cuber makes $8,000 mosaics of sports stars using cubes

Dylan Sadiq, known as “The College Cuber” charges $8,000 for his mosaics made of cubes. Pro teams including the NBA's Detroit Pistons have purchased the artwork.Courtesy: Dylan Sadiq | The ... Read more »

In Pics: Reliance Industries' recent acquisitions and investments

Reliance Retail Ventures (RRVL), through its wholly-owned subsidiary 7-India Convenience Retail, entered into a master franchise agreement with 7-Eleven, Inc (SEI) for the launch of 7-Eleven convenience stores in India. ... Read more »

Experts seriously doubt whether patent waivers on Covid-19 vaccines will ever come to be

It's been well over a year since a landmark proposal brought the issue of patent waiver for the mRNA Covid vaccine to the spotlight. But many observers don't see that ... Read more »

Shell looks at billions of investments in France

Photo: ANP Shell is looking at investment opportunities worth 4 billion euros in France. That says CEO Ben van Beurden in an interview with the French newspaper Le Figaro. According ... Read more »

Lufthansa would like 40% stake in Italian ITA

Photo: ANP The German aviation group Lufthansa would like to take a 40 percent stake in the Italian airline ITA Airways, the successor of the bankrupt Alitalia. That reports the ... Read more »

Crypto meltdown erases $1 trillion in value Bitcoin down 50% from November peak as risk-off sentiment batters cryptocurrencies

Representations of the Ripple, Bitcoin, Etherum and Litecoin virtual currencies are seen on motherboard. (Reuters File Photo) Bitcoin has now shed more than 50% from its record high in November ... Read more »

Dolo 650 maker: We did not expect this kind of popularity

Dilip Surana, chairman and managing director at Micro Labs Limited, is—with due respect to Adar Poonawalla, CEO, Serum Insitutute of India, and Bharat Biotech chairman Krishna Ella, the companies behind ... Read more »

Premji Invest backed Fabindia Files Papers For 2022 Listing; Joins Apparel Brand IPO Party

Leading ethnic wear and lifestyle retailer Fabindia which is backed by marquee investors including Azim Premji’s investment arm Premji Invest & Nandan Nilekani, has filed draft papers with Sebi to ... Read more »

S. Korea's Hanmi, Celltrion, and Dongbang to produce Merck's COVID-19 pill

Hanmi will manufacture the finished drug and produce ingredients. South Korea’s Hanmi Pharm Co., Celltrion Inc., and Dongbang FTL were among 27 drugmakers chosen to produce low-cost versions of Merck ... Read more »

Former CBI chief Fairbairn joins race to head Channel 4

Dame Carolyn Fairbairn is among the candidates being considered as the next chairman of the state-owned broadcaster as its potential privatisation looms, Sky News learns. Read more »

‘Takeover hunt for department store giant Kohl's: $9 billion bid on the table'

Insiders report this to Bloomberg news agency. The second-largest department store chain in the United States is under pressure from activist shareholders because it would underperform and the company would ... Read more »

Sources: US talks with Qatar about gas supplies to Europe

Photo: ANP The US government is in talks with Qatar about supplies of liquefied natural gas (LNG) to Europe if Russia were to invade Ukraine, causing European gas shortages. According ... Read more »

Hong Kong's home buyers snap up Henderson Land's The Harmonie flats, defying city's worst one-day explosion of new Covid-19 cases

Hong Kong’s property buyers turned out in droves, defying the city’s worst one-day explosion of new Covid-19 cases to snap up apartments at the first new housing project to be ... Read more »

Bonus rain at top US bankers: boss Morgan Stanley goes home with $35 million

The big boss at Morgan Stanley was paid a base salary of $1.5 million in 2021. On top of that came a cash bonus of $8 million and $5 million ... Read more »

Yes Bank posts 77% rise in December quarter profit on lower provisions, higher recoveries

yes-bank-300_36683164 Yes Bank on Saturday reported a 77% year on year growth in December quarter profit at Rs 266 crore as lower provisions and higher loan recoveries drove earnings at ... Read more »

Bloomberg: multi-billion dollar offer for major department store chain Kohl's

Photo: ANP The major American department store chain Kohl’s has received a takeover offer worth about $ 9 billion, converted almost 8 billion euros, from a group of investors. Insiders ... Read more »

Bitcoin rumbles further down: 25% fall in new year

On crypto platform Coindesk, bitcoin sees another 10% of its value evaporate to a position of $35,580 around 8 a.m. (Dutch time). This means that the digital currency has returned ... Read more »

Current economic landscape may not allow government to go for fiscal consolidation immediately: YES Bank chief economist

Read more »

Instagram's new subscription model: How it will aid Indian creators

While the features are being tested in the US, creators in India bet big on Instagram’s new subscription model. Instagram is testing three new subscription features under which followers can ... Read more »

Impact of oil firms' exit from Myanmar limited 'A lot more pressure needed to defeat this junta for good,' says human rights activist

The TotalEnergies logo is seen on a charging station in La Defense on the outskirts of Paris. The French company announced in Friday that it would pull out of Myanmar. ... Read more »

Payments Council urges rollback of no-fee transaction policy for UPI and Rupay debit cards

The industry estimates a loss of Rs 5,500 crore due to the Zero-MDR norm. (Representative image) The Payments Council of India (PCI), the industry body for digital payments, yesterday said ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic