Indian market snapped 3-day losing streak and closed in the green on November 2 despite sell-off seen in index heavyweights, such as Reliance Industries.
Stocks like Axis Bank, and ICICI Bank rose more than 6 percent each while Havells India rallied more than 7 percent to hit a fresh 52-week high of Rs 789 on Monday.
We have collated views of experts on what investors should do when the market resumes trading on 3 November:
Expert: Vikas Jain, Senior Research Analyst at Reliance Securities
Axis Bank: Buy| Target: 590
The stock has witnessed a channel break out from its long-term 200-Days average after a span of 8 months.
RSI is also above the average line of 60 levels and continues to outperform in line with the price action.
We believe that it has strong support at 495-505 levels and can be one of the strong stock chart patterns among the private banking sector.
ICICI Bank: Buy| Target: 480
The stock has held on to its support levels of the 200-Day average and witnessed a sharp bounce with strong volumes post its quarterly results.
We believe that the positive momentum will continue for a higher target of 480 levels over the next few months, and any decline towards the 200-Days average of 395 levels would be a good opportunity to add longs.
Havells India: Book Profits at 810 levels
The stock is one of the consistent outperformers and will attempt to make a new all-time high near to 805 levels in the current momentum.
RSI has inched upwards to 78 levels and risk-reward is not in favour of longs as the recent up move is sharp. We recommend booking profits in a higher range near to all-time high levels over the next few days.
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