Yesterday, for the fourth consecutive day, there was a rise in the market. On January 12, Nifty closed above 18200. On the other hand, the BSE Sensex closed at 61,150 with a gain of 500 points. The market was supported by good global cues yesterday.
In yesterday’s trade, Adani Green Energy had set a record high of Rs 1667 in intraday and closed at Rs 1647.55 with a gain of 5.08 percent. Similarly, Tata Communications had set a record high of Rs 1587 in intraday and finally closed at Rs 1557.70 with a gain of 5.3 per cent.
IndiaMART was also the 5th largest gainer in the F&O segment in yesterday’s trade. In yesterday’s trade, the stock closed at 6850.25 with a gain of 5.32 per cent. At the same time, Varroc Engineering closed at the level of 421.40 with a gain of 6.64 percent.
Before knowing what is the future strategy on these stocks, let’s take a look at today’s move of the market. After a strong start in today’s trading, profit-booking has been seen at higher levels in the market today. At present, the move of Sensex-Nifty looks flat. Nifty remains above 18200. At the same time, the Sensex is seen sliding down 23.06 points around 61125. The market is getting support from RIL, INFOSYS, TATA STEEL and HDFC. At the same time, the backing stock seems to be putting pressure on the market. In such a situation, the question is what to do in these stocks now. Let us now know what is the opinion of Mehul Kothari of Anandrathi on these stocks.
Adani Green Energy- After 1 year of consolidation, the stock has finally given range breakout and is currently trading near its lifetime. Now its next target seems to be Rs 2000. If this stock does not break the level of Rs 1300 on the downside, then it will see a further rise. Therefore, investors are advised to stay in this stock with a target of Rs 2000 with a revised stop loss of Rs 1,300.
IndiaMART InterMESH- At present, this stock is seen in the phase of consolidation. Its short term trend has turned positive soon. Traders can buy this stock at current levels with a stop loss of Rs 6300. Those who have this stock should keep their position. But investors looking to invest from a long-term perspective should buy fresh in this stock only when it sees a move above Rs 7600. We may see this stock hovering between Rs 10000-6000 in the next few months.
19,000 level possible soon in Nifty, today’s top 3 picks in which double digit earnings can be done in short term
Tata Communications- Tata Communications has seen a fresh breakout and is trading close to its life time high. Short term traders can buy it with a stop loss of Rs 1450 with a target of Rs 1750. Those who have this share, stay tuned. As long as this stock does not break the level of Rs 1250 on the downside, it will remain strong and it can see a big rise in the future.
Varroc Engineering- The risk reward ratio in this stock does not look favorable for short term traders. So wait for the fall to bet on this stock. Whereas those who have this share should stay in it. In the coming months, this stock may again touch the level of Rs 500-550.