Bears have maintained their hold on Dalal Street for the past few trading days. On October 29, the Sensex-Nifty fell for the third consecutive day. The first day of the November series started with a fall of about 1 per cent in the market. Private banks, financials, technology stocks had put pressure on the market. Apart from this, profit making in heavyweights like Reliance Industries and L&T also put pressure on the market.
On October 29, the BSE Sensex fell 677.77 points to close at 59,306.93. At the same time, Nifty fell 185.60 points to close at 17,671.70 level. However, small-medium stocks outperformed the giants. On Friday, Nifty Midcap closed down 0.15 per cent and Smallcap 0.46 per cent.
Even on Friday’s fall, there was a strong boom in InterGlobe Aviation. The stock closed at 2,175.20 with a gain of 8.87 per cent. Similarly, Canara Bank also closed at 214.50 with a gain of 9.77 percent. Both these stocks were top gainers in the F&O segment on Friday. Ujjivan Financial Bank also rose on Friday. The stock closed at Rs 179.95 with a gain of 18 per cent. Similarly Dr Reddys was also the second biggest gainer of Nifty. On Friday, the stock closed at Rs 4,659.20, down 1.95 per cent.
Now let’s know what is the investment advice of Mehul Kothari of Anand Rathi on these stocks
Canara Bank
Canara Bank’s weekly chart indicates that the stock is moving in the range of Rs 215-235. Which has been its supply zone on a historical basis. In its annual short term, this stock has seen strong growth. Looking at which it does not seem that money can be made in the stock at the current price. On the other hand, if it goes above Rs 235, this stock can go into a new bullish phase and it can see a level of Rs 300. In such a situation, people who have this share, they should remain in it.
Dr Reddys Laboratories
The stock is looking very close to its key support of Rs 4,400. As long as it remains above Rs 4,400, investors can breathe a sigh of relief. Falling below this level could result in a fall in the stock. But according to our market projection, there is a possibility of knowing towards Rs 5,000 in this stock.
InterGlobe Aviation
Those who have this share should stay in it for few more months. At the same time, traders will know above 2,300 but enter it, which is also its lifetime high. On the downside, support is visible at 1,850 levels.
Ujjivan Financial Services
Whoever has this share, stay in it. Wait for a drop for new entry. In the next few months, this stock may show a level of Rs 300.
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