The Indian market fell for the third straight day as traders preferred to book profits amid expensive valuations.
The S&P BSE Sensex fell nearly 400 points while the Nifty50 managed to hold on to 22,300 levels.
“Despite positive global cues, the domestic market continued to consolidate. The domestic market is witnessing profit booking due to various factors, including a low turnout in the ongoing election and premium valuations,” said Vinod Nair, head of research at Geojit Financial Services.
Sectorally, buying was seen in FMCG, IT and technology stocks while selling was visible in public sector, utilities and realty stocks.
Stocks that were in focus on Tuesday include names like Godrej Consumer which was up over 5%, CG Power and Industrial Solution which closed with gains of over 4% to hit a fresh high and Godrej Agrovet which pared gains after hitting fresh 52-week high on Tuesday.We have collated a list of three stocks that either hit a fresh 52-week high, or an all-time high or saw a volume or a price breakout.We spoke to an analyst on how one should look at these stocks the next trading day entirely from an educational point of view. Here’s what analyst Priyanka Limaye (CA , CMT) had to say:
Godrej Consumer Products: CMP 1,322| Buy
The stock was in a consolidation zone for almost 4 months. On Tuesday, it gave a very good range break out with absolutely good volumes.
The Relative Strength Index (RSI) has also entered a super bullish zone. MACD, Stochastic indicators, suggests momentum is on the upside. We expect the stock to touch 1425,1453,1496 in a short to medium time frame.
Agencies
CG Power & Industrial Solutions: CMP 570| Buy
The stock was in a double consolidation zone for the last 6 months. On Tuesday, it gave a breakout from the consolidation zone with good volumes and the RSI has also entered a super bullish zone.
We expect the stock to test 615 and 645 in the short-term. If the stock sustains above 645, the stock can head towards 730 levels.
ETMarkets.com
Godrej Agrovet: CMP 562
The stock has seen a profit booking reaction after it hit its 52-week high on Tuesday. It needs to sustain above 571 on a closing basis to clear Tuesday’s high of 594.
A close above 594 could take the stock towards Rs 650-660 zone. The level of 550 is likely to act as a strong support zone for the stock.
Agencies
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
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