On October 8, the market managed to close with gains due to buying in Reliance Industries, Technology Stocks, PSU Bank and select auto stocks and the market closed with gains for the second consecutive week. The indication of continuation of sluggishness from RBI in monetary policy has also given support to the market.
The BSE Sensex closed above 60,000 with a gain of 381 points on the last trading day. At the same time, Nifty closed near 17,900 with a gain of more than 100 points. Small-medium stocks also contributed in this rally of the market. The Nifty Midcap 100 index closed up 0.43 per cent on October 8. At the same time, the Smallcap 100 index closed up 1.23 per cent.
Nifty hits new highs with great gains, crosses 18,000 in intra-day
On the last trading day i.e. on October 8, Polycab India closed at 2,529.80 with a gain of 4.55 percent. At the same time, Affl India closed at a record high of Rs 1,212, hitting the upper circuit of 5 per cent. Similarly, Chemplast Sanmar closed at 801.75 with a gain of 7.81 percent. At the same time, Tata Consultancy Services closed at Rs 3,935.65 with a gain of 1.1 per cent.
Now let’s know the investment advice of Mehul Kothari of Anand Rathi on what to do in these stocks.
Tata Consultancy Services
This stock is showing strong uptrend. There is no weakness in this stock in any time frame. At Rs 4,000, there is a psychological resistance for this stock. If it breaks this barrier, then it can see a level above Rs 4,200. On the downside, it has support at Rs 3,700. Advice to stay in this stock.
Polycab IndiaThis stock has seen a one-sided rally till now from the bottom of Rs.620. Recently it has made a peak of Rs 2627. The stock has rallied 4 times so far and looks a bit tired. Some consolidation can be seen in this in the coming weeks. Traders would be advised to avoid taking large long positions in this stock for now. Those who have these shares should stay in it. Further, a level of Rs 2300 to 2700 can also be seen in this.
This stock has recently been listed. Therefore, long-term data for this is not available. However, good momentum is being seen in it on the anorli chart. As long as the stock remains above Rs 750. Until then, the momentum is expected to continue. On the other hand, if it slips below Rs 750, then there may be some stagnation in it. In such a situation, traders will be advised to take profits at the upper level.
This stock is still in an uptrend. Its all time high is around Rs 1250. If it goes above this level, then it can be seen at 14,00 level. On the downside, support is seen for this stock at Rs 1100. Those who have these shares should stay in it. Whereas on going above Rs 1250, but from the trading point of view, new purchases can be made in it.
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