Mehul Kothari-Anand Rathi
On October 1, weakness was seen in the market for the fourth consecutive day. Banking, financial and technology stocks put pressure on the market. The Sensex closed at 59,000 level with a fall of 360 points on the last trading day. At the same time, Nifty had slipped below 17,600 with a fall of 86 points on the first day of October series.
The broader market had outperformed on October 1 and throughout the week ending the day. The BSE Midcap index was down 0.11 per cent on October 1. At the same time, an increase of 0.48 was seen in the smallcap index. Talking about this whole week, the BSE Midcap index gained 0.12 percent and the Smallcap index saw a gain of 0.7 percent.
Shares of NBFC company Tata Investment on 1 October saw a new high in intraday before closing at 1,436.65 with a gain of 5.10 per cent. Similarly, the shares of Stove Kraft, a cooking appliances maker, were also seen touching a new high of 1,084 in intraday. At the end of trading, the stock closed at 1,068.15 with a gain of 4.14 per cent.
Profits may be seen at upper levels, keep position light: Angel Broking
Similarly, the steam turbine maker Triveni Turbine was also in focus on 1 October. It had also set a new high in intraday and closed at Rs 173.90 with a gain of 9.06 per cent at the end of trading. All-time high was also seen in Gujarat Fluoro on 1 October. At the end of trading, the stock closed at Rs 1,952.10 with a gain of 2.13 per cent.
Let us now know what is the opinion of Mehul Kothari of Anand Rathi on these stocks
Bullish trend continues in this stock. Those who have this share, stay in it. But wait for some correction for new purchases.
This stock is seen in cycles of higher highs and higher lows. It is appearing above all its EMAs (exponential moving averages) which is indicating strength in the stock. Those who have this share, stay in it with a long view.
From an investment perspective, the stock still looks good. Those who have this share should stay in it. From a medium-term perspective, fresh purchases can also be made in this.
Triveni TurbineIn the near term, this stock may see further gains. In the coming months, the level of Rs 200 can be seen in this stock.
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