A new peak has been seen in the market today on the basis of excellent global signals. Nifty has gone 170 points above 18500. Nifty Bank has also seen a rise of 500 points and it is seen near 40,000. Midcap has outperformed today. This index is showing up 1.75 percent.
Metal stocks are looking bullish on the rise in the prices of aluminium, copper and zinc in the global market. The Mental Index has jumped nearly 10% in 7 days. Hindustan Zinc, Hind Copper, Hindalco, Vedanta have risen up to 10%. The excellent results of Chinese company Alcova are also supporting. On the other hand, the dream run of Tata Group shares continues. TATA POWER ran about 20%, this stock has doubled in 3 months. TATA MOTORS, TATA MOTORS DVR, TATA CHEMICAL, TATA COMMUNICTAION have also run up to 5% today.
Meanwhile, IRCTC’s bullet train is not getting brakes. Even today it has caught the pace of 5%. The stock has gone up 136% in the last 3 months. There is also tremendous action in tour travel and hotel stocks due to less concern about Corona.
HDFC Bank, DMART dominated profit-booking after impressive results. In the second quarter, HDFC Bank’s NII has increased by 12 percent and profit by about 18 percent. Bank’s NPAs have declined. At the same time, DMART’s profit has more than doubled in the last quarter. 1 This stock has lost about 30% in 1 month.
Looking at the last trading day, India Cement, Mindtree and Persistent Systems were in focus. On October 14, Mindtree closed at the level of 4,691.20 with a gain of 7.50 percent. At the same time, Persistent Systems closed at Rs 4,212 with a gain of 5.24 per cent. Whereas India Cements closed at the level of 214.40 with a gain of 7.82 percent.
Let us know what is the advice of Shrikant Chauhan of Kotak Securities on these stocks now.
India Cements
The stock had gained more than 10 per cent on October 14. The pattern formed in the stock indicates that if the stock stays above Rs 205, then it can see further upside and it can touch the level of Rs 225-235 soon.
MindtreeAn immediate hurdle is visible at 4800 for this stock. If this stock crosses this hurdle, then it can see the level of Rs 4,950 and then Rs 5,100. On the other hand, if this stock slips below 4,500, then it can see a decline of 4,400-4,300.
Persistent SystemsThere are bullish signs for this stock in the short term. For trend-following investors, the Rs 4,050 and Rs 3,950 levels will act as support. If this stock remains above these levels, then it can also see the level of Rs 4,400-4,600.
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