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The Indian market closed positive for the second day in a row on Tuesday amid positive global cues and lack of fresh triggers. Extending gains, equity benchmarks Nifty50 and Sensex closed higher by 1.8% each. The broader Nifty50 closed above 15,600 and the Sensex settled above 52,500.
The action returned to the broader market with Nifty midcap and smallcap ending higher by 3.5% and 3.4% respectively.
Sectorally, Nifty Media gained the most as the index ended 5.4% higher, followed by Oil & Gas (4.8%), PSU Bank (4.06%), Metal (3.97%) and Nifty Realty (3.6%) as all other indices comfortably sat in the green.
“Absence of fresh selling triggers in the domestic and global economy along with falling commodity prices relieved the heavily discounted equity market to showcase recovery,” Vinod Nair, Head of Research at Geojit Financial Services.
Meanwhile certain stocks came in focus on Tuesday. These stocks were Asahi India Glass, GSFC and KPR Mill. Asahi India Glass closed with 16% gains, GSFC ended higher by more than 17% and KPR Mill closed with nearly 4% cut on Tuesday.
Here is what Akhilesh Jat, Category Manager – Equity Research, suggests investors should do with these stocks
Aashi India Glass Limited | Buy: 495 | SL: 477 |TGT: 525
Shares of Aashi India Glass Limited surged over 17 per cent to on the NSE in Tuesday’s intra-day trade. On the technical front, the stock is coming out of nearly four months consolidation and trading above its 21, 50 & 200-Days Exponential Moving Averages, momentum oscillator RSI head upwards and read at 61 indicates price may continue its upward trend.
Gujarat State Fertilizers and Chemicals Limited: Buy above 142| SL: 138 | TGT: 147
As on 21st June 2022, the share price of Gujarat State Fertilizers and Chemicals Limited (GSFC) rallied 20 per cent intraday. Stock prices broke three days of losing streak on Tuesday and managed to close above its 200-Day Exponential Moving Averages. Stock is likely to face the resistance nearly 145 level.
KPR Mill Limited: Sell: 498 | SL: 515 |TGT: 472
Share price of KPR Mill Limited declined as much as 8.7 per cent intraday on Tuesday. Stock continues its losing streak for seventh consecutive session to trade lowest since Dec 2021 led by decline of market share in the US and increasing of raw material prices would impact on the profit margin. On the technical front, the stock witnessed a major support level breakout and trading below its 100 & 200 DEMA suggesting the downside movement in the prices.
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