For the third consecutive day in yesterday’s trading, the reins of the market remained in the hands of the bears. Weak global cues influenced the market. Weakness was seen in FMCG, IT and Metal stocks yesterday. While banking, financial and auto stocks supported the market. Yesterday, the BSE Sensex closed below 61,000, breaking more than 300 points. On the other hand, Nifty had closed below 18,200 after breaking 90 points.
Along with the big stocks, small and medium stocks were also heavily beaten. The Nifty Midcap and Smallcap indices were down 0.4 per cent and 0.8 per cent, respectively. In yesterday’s trade, there was an upper circuit of 20 per cent in the shoppers stop. And at the end of trading, it closed at the highest level since March 2020 of Rs 336.70. Similarly, there was strong buying in the shares of IRB Infra. And it closed at its multi-year high of Rs 244.70. Yesterday, the stock had seen a gain of 15.2 percent.
Let us know the investment advice of Shrikant Chauhan of Kotak Securities on these stocks.
IRB Infrastructure DevelopersOn October 21, this stock touched a new 52-week high of Rs 254.60. So far this month, the stock has gained more than 27 per cent. Still, there are signs of bullishness in this stock. However, on the intraday time frame, this stock looks very expensive. So now short term correction can be seen in it. And this stock can go down to Rs 235. The Rs 235 level will prove to be a trend decider for the stock in the next few trading sessions. If it stays above this level, then we can see the level of Rs 258 in it and this rise can also go up to Rs 270. On the other hand, if it slips below Rs 235, then a short term correction can come in it. And it can go up to Rs 227 to Rs 220.
Shoppers Stop The stock hit the upper circuit of 20 per cent on Thursday. After a strong rally, the stock was consolidating between Rs 270 and Rs 290. But then finally broke the psychological level of Rs 300 and managed to close above it. This is a positive sign for this stock. We believe that as long as the stock remains above Rs 310-315, there will be a possibility of further upside. Rs 310 will be the immediate support level for breakout traders. If this stock manages to stay above this level, then we can see a move towards Rs 355-385. On the downside, if it breaks the level of Rs 310, then further weakness can come in it.
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