After 7 days of continuous rise in yesterday’s trading, the reins of the market were seen going in the hands of the bears. However, before closing in the red mark, Sensex-Nifty had also set a record high in intraday yesterday. In yesterday’s trade, Sensex crossed the 62,000 level for the first time and closed at 61,716.05 after a slight decline. At the same time, NSE Nifty50 also went above 18,600 in intraday but finally closed at 18,418.80 level with a slight fall.
After outperforming the heavyweights in the last few trading sessions, small-medium stocks were seen getting hit more in yesterday’s trade. Yesterday, the Nifty Midcap 100 index declined by 2.17 percent and the Smallcap 100 index declined by 1.69 percent.
The stock of Larsen & Toubro Infotech was in focus in the trading on October 19. It was the top gainer in the F&O segment yesterday. The stock had hit a record high of Rs 7,063.35 yesterday after the strong results of the September quarter. At the end of trading, it closed at 6,855.15 with a gain of 16.07 percent.
IRCTC was also in strong action yesterday. After touching a record high of 6,396.30 with a gain of 8.8 per cent, the stock suddenly fell into the bearish trap and closed at 5,454.85, down 7.19 per cent at the end of trading.
Similarly, the government defense company Bharat Dynamics also went up to Rs 455 yesterday, which is its highest level since August 2020. At the end of trading, the stock closed at 428.75 with a gain of 3.78 percent. On the other hand, TTK Prestige also crossed Rs 10,000 level for the first time in yesterday’s trade and went up to a high of Rs 10,587.15. At the end of trading, the stock closed at 9,888.9 with a gain of 12.09 per cent.
Let us know from Mazhar Mohammad of Chartviewindia.in what should be our strategy in these stocks now.
L&T Infotech
For now, the advice is to buy new in this stock only when it is found on the downside around Rs 6,400. At the same time, those who have these shares should stay in it for a target of Rs 7,350-7,500.
IRCTC
There are signs of further downside in this counter. In the future, if this stock manages to stay above Rs 4,996, then it is fine. On the other hand, if this does not happen, then this stock can go towards 4,700, which is its important support level. On the other hand, if this level is also broken on the downside, then we can also see the level of Rs 4,000 in it. Keeping this situation in mind, one should also stay away from the strategy of buying in the downtrend in this stock. At the same time, get out of your current holding in a rally.
TTK Prestige
After a long consolidation, the stock has gained momentum due to the news of a share split. Now the level of Rs 10,700 is very important for this. The best strategy for this stock would be to make profits around this level. Now there is not much hope for it going forward.
Bharat Dynamics
This stock has seen a sharp rally from a low of Rs 368 to a high of Rs 455 in just 7 trading days. This rally is also supported by heavy volumes. Due to weak market sentiment, now this stock is seeing profit recovery. It will be very important for this stock to stay above Rs 416 in the next few trading sessions. If it slips below this level then weakness may increase. If buying returns in this fall and it crosses the level of Rs 455, then its next target will be Rs 489. Those who have this share should stay in it with a stop loss of Rs 416.
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