Trade Spotlight | Welspun India, IEX & Axis Bank: Should you buy, hold or sell these stocks?
Stocks like Indian Energy Exchange rose nearly 5 percent, Welspun India hit a fresh 52-week high, closed with gains of over 3 percent, and Axis Bank closed marginally lower on Monday.
The S&P BSE Sensex, which at one point in time broke below the crucial support of 50,000, closed just a shade below 50,400 levels, while the Nifty50 index failed to hold on to 15,000-mark and closed above 14,900 levels.
Sectorally, buying was seen in metal, power, utilities, IT, and public sector while selling pressure was visible in energy, finance, healthcare, and capital goods space.
Stocks like Indian Energy Exchange (IEX) rose nearly 5 percent, Welspun India hit a fresh 52-week high closed with gains of over 3 percent, and Axis Bank closed marginally lower. It was the top Nifty loser in intraday trade on Monday.
Here's what Jatin Gohil, Technical and Derivative Research Analyst, Reliance Securities, recommends investors should do with these stocks when the market resumes trading on March 16:
Major moving averages are sloping upwards. The key technical indicators are in buy mode. This could take the stock towards Rs 400 in the short-term.
Positively poised technical indicators and spike in the volume, signal that the stock will continue its up-move. The stock has the potential to test Rs 92 initially and Rs 100 subsequently.
The stock bounced after testing its near-term support zone (placed at Rs 720- Rs 710) and recovered the partial intraday loss.
Major technical indicators on the near-term time frame chart reversed from their lower levels and positively poised.
Source:-https://www.moneycontrol.com/news/business/markets/trade-spotlight-welspun-india-iex-axis-bank-should-you-buy-hold-or-sell-these-stocks-6649861.html
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