The S&P BSE Sensex closed with losses of more than 200 points but managed to hold on to 60,000 on a closing basis, which is a positive sign.
Sectorally, buying was seen in metal, banks, public sector, finance, and telecom, while selling was visible in IT, oil & gas, capital goods, and energy stocks.
Stocks that were in focus included names like
, which closed with gains of nearly 6 per cent, gained more than 5 per cent, and ended with gains of nearly 8 per cent.
Here’s what Rahul Goud, Research Analyst – Equity Research, CapitalVia Research, recommends investors should do with these stocks when the market resumes trading today:
Fortis Healthcare: Buy
Fortis Healthcare is an integrated healthcare delivery service provider, involved in creating and running hospitals, diagnostic facilities, and research facilities.
Given the increasing case mix in the hospital segment and attempts to reduce costs, we anticipate improved margins across all categories.
Technically, equities have shown a breakout from a tight range with volume, and the momentum indicator MACD also points to a bullish outlook for the stock.
Traders can purchase stock at the current market price of Rs 307 with a stop loss of Rs 296 and a short-term target price of Rs 325.
Allcargo Logistics: Buy
Offering integrated logistics solutions is what Allcargo Logistics does. Revenue has expanded at a yearly rate of 29.22 per cent for the past five years, compared to the industry average of 9.69 per cent, while the market share increased from 13.51 per cent to 27.82 per cent during that time.
Technically, the stock has been trading in a downward trend since January 2022, but on Wednesday, it broke out of that channel with strong volumes.
The stock can be bought at the current market price of Rs 438 with a stop loss of Rs 415 and a mid-term target price of Rs 500.
Ambuja Cements: Avoid
On the back of a fund-raising scheme, Ambuja Cements witnessed strong buying action on Wednesday. On September 9, 2022, the open offer by the Adani family to buy a further 26% share in
and Ambuja Cements expired.
A 54.53 per cent stake in ACC is held by Ambuja Cements. Technically, the stock has risen too much and thus, we advise investors to avoid it at this time.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)