This week yesterday, for the second consecutive day, there was a rally in the market. Yesterday the market started on a volatile note. But in the afternoon it started gaining momentum and in the end it managed to close with a good lead. In yesterday’s trade, there was a rise in select banks, financial and auto stocks including IT.
In yesterday’s trade, Sensex closed above 59,700 with a gain of more than 400 points. At the same time, Nifty closed above 17,800 with a gain of 130 points. The broader market also continued to rally during the period. Yesterday the Nifty Mid and Smallcap 100 indices closed with a gain of 0.4 per cent.
Bullish trend continues, buy on every fall, will earn huge: SMC Global
On October 5, ONGC was in focus. Yesterday it was the biggest gainer of Nifty. In the intraday, after setting a new high of Rs 164.60, the stock finally closed at 163.65 with a gain of 10.87 per cent. On the same side, there was a strong boom in private sector bank IndusInd Bank too. It was the second biggest gainer of Nifty. In yesterday’s trade, the stock closed at 1,168.60 with a gain of 4.36 per cent.
Chemical maker IG Petrochemicals also made a record high of Rs 928.10 in intraday yesterday. At the end of trading, the stock closed at 925.10 with a gain of 19.61 per cent.
Let’s know what is the opinion of Mazhar Mohammad of Chartviewindia.in now on these stocks
At present, traders will be advised to stay position in this stock with a target of Rs 179. As far as new buying is concerned, buy it with a stoploss below Rs 148 only if it is found around Rs 156-152 in a downtrend.
The price behavior of the last three weeks indicates that the stock is moving in a small range of Rs 1,189–1,084. The stock needs to stay above Rs 1,190 for a signal of strength. For now the positional traders would be advised to exit if it fails to sustain above 1,190. If it closes above Rs 1,211, then there will be a buying opportunity again.
Know Buy, Sell or Hold with brokerages at RELIANCE, GODREJ CONS and MARICO
There is a bullish trend in this stock. The counter seems to be moving towards its next target of Rs.1,045. Buying can also be done in this stock at the current level. Add more if any downside is found around Rs.879-850. Make sure to put a stop loss of Rs 770 for this purchase.
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