Buy, Sell or Hold: What should investors do with L&T Infotech, Indian Energy Exchange & L&T Technology?
Indian market which snapped a 7-day winning streak on Tuesday opened lower on Wednesday. The Nifty50 is hovering around 18400 levels, while the S&P BSE Sensex was trading flat.
Indian market which snapped a 7-day winning streak on Tuesday opened lower on Wednesday. The Nifty50 is hovering around 18400 levels, while the S&P BSE Sensex was trading flat.
Sectors that are supporting gains include telecom, banks, and the public sector while selling pressure was seen in metals, consumer durables, utilities, and power stocks.
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Stocks that hit a fresh 52-week high on Tuesday were seeing some selling pressure. L&T Infotech fell more than a per cent, Indian Energy Exchange fell more than 5 per cent, and L&T Technology Services fell by nearly 4 per cent in intraday trade on Wednesday.
Here's what Ashis Biswas, Head of Technical Research, CapitalVia Global Research Ltd, recommends investors should do with these stocks when the market resumes trading today:
L&T Infotech: Buy on dips
The stock has been trading in an ascending channel and has recently touched its upper band. Our research suggests that we can see a small correction in the stock.
We would recommend a Buy in L&T Infotech from lower levels of 6000-6100 with a Target of 7600. Investors would be advised to maintain a Stop Loss of 5590.
Indian Energy Exchange: Buy on dips
The stock has given a breakout of the flag pattern and has been following an uptrend in the market. The stock has also been trading in an ascending channel.
We recommend a buy in Indian Energy Exchange near the levels of 750 with the target of 1000. Investors are advised to maintain a stop loss of 630.
L&T Technology Services: Buy on dips
The stock has been trading in an ascending channel. It has recently given a breakout of the Pennant pattern, and the momentum is likely to continue in the stock.
We recommend a buy in the L&T Technology Services above the levels of 5000 with the Target of 6200. Investors are advised to maintain a stop loss of 4450.
(Disclaimer: The views/suggestions/advice expressed here in this article are solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)
10:51 AM IST