On April 5, for the first time in the last 4 trading days, the market saw a decline. In this fall, along with profit recovery, the weakness of European markets also contributed. Before this, the market had seen a fall of more than 3 percent in three consecutive trading sessions. In yesterday’s trade, the Sensex had closed at 60176 level by breaking more than 400 points. At the same time, Nifty closed below 18,000 after breaking 100 points. However, in yesterday’s fall also, the rise of small-medium stocks continued and Nifty Midcap and Smallcap closed with a gain of 1.4 per cent and 0.85 per cent. Banking and financial stocks were the biggest losers in yesterday’s fall. Market experts say that as long as Nifty maintains the crucial support of 17,700, there is no possibility of any major downside in the coming days.
Metropolis Healthcare, which was the second top gainer in the F&O segment, was among the stocks that saw the most action in yesterday’s trade. In yesterday’s trade, the stock closed at 2,415 with a gain of 8 per cent. The next similar stock was from Polycab India, which was the third largest gainer in the derivatives segment. In yesterday’s trade, Polycab India closed at 2,654 with a gain of 7.5 percent.
Similarly, shares of Swan Energy and Dilip Buildcon also saw an upper circuit at Rs 243 and Rs 302 yesterday. On the other hand, Gujarat Pipavav closed at 91.35 with a gain of 12 percent.
Now let’s see what is the advice of Ruchit Jain of 5paisa.com on these stocks.
Metropolis Healthcare-This stock has seen a lot of correction during the last 3 months and it has come down from Rs 3,500 to Rs 1,500. However, in the last few trading sessions, we are seeing a pullback in this. Looking at the chart of the stock, it seems that now this stock may be out of the downtrend. But sustaining this momentum in the near term will be a difficult task. Such traders who are stuck with long positions in this stock would like to exit from this stock in a hurry. In such a situation, those who have this stock will be advised to stay in this stock, but at the current level, there will be no advice to buy new in it. Support is visible for the stock at Rs 2100 while resistance is visible at 2,570 and 2,650.
Polycab India- On any fall in this stock, buying advice will be given if it is found around Rs 2,600-2,580. Short term this stock can move towards Rs 2775 and Rs 2950. For long positions, place a stop loss below Rs 2,400.
Swan Energy- Those who are holding this stock should stay in it but wait for a slight decline from the point of view of getting better risk reward for fresh purchases. Support for this stock is around Rs 210 while its near term target is seen at Rs 275.
Dilip Buildcon- This stock has run out a lot, so it would be advisable to look at other better stocks available in the broader market. Whoever holds this stock should keep an eye on the target of Rs 355. Lighten your position around this level.
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Gujarat Pipavav PortThose who have this stock stay with them. Those willing to make fresh purchases should wait for this stock to go above Rs 96. Once this level is crossed, this stock will be ready for a new flight. There is immediate support for the stock at Rs 84-82.