The Indian market opened more than one per cent lower, tracking US market crash and weakness in Asian markets in early trade on Wednesday. Benchmarks Nifty50 declined below 17,800, while the Sensex tanked more than 1000 points to start near 59, 400.
Meanwhile, giving up the knee-jerk reaction, the market trimmed early losses as benchmark indices Nifty 50 and Sensex were trading above 17,900 and near 60,000 respectively in early trade. Nifty Midcap and Small cap indices trade lower by 0.5% and 0.4% respectively, while all sectoral indices, except Nifty FMCG, were in the red.
Earlier, some stocks came in focus on share movement on Tuesday. These stocks were KRBL, Laxmi Organic Industries and Tanla Platforms. On Wednesday, KRBL share price rose one and half per cent in intraday trade to Rs 370.75 per share on the BSE, while Laxmi organic Industries jumped nearly two per cent to Rs 382 a share. On the contrary, shares of Tanla Platforms declined over two per cent to Rs 811.55 per share on the BSE.
Here is what Rahul Goud, research analyst, Equity Research, recommends investors should do with following stocks.
KRBL: KRBL Limited is a business that processes basmati rice. The business develops seeds, engages in contact farming, purchases paddy, stores, processes, packages, brands, and markets basmati rice. Technically, the stock has broken out of the consolidation that it had been in for the past 2.5 years with very heavy volumes that have continued above resistance area, signaling buyers’ interest. The momentum indicator MACD has also indicated a bullish crossover, validating the uptrend. Traders can buy the stock at any dips around Rs 335 with a stop loss of Rs 308 and a target price of Rs 375 in the near term.
Laxmi organic Industries: Acetyl intermediates and specialty intermediates are offered by specialty chemical maker Laxmi Organic Industries. The stock has increased by more than 10% during today’s trading session, and the momentum indicator Adx is reading 22 with an upward slop, which suggests that the uptrend may continue in the near future. For a target price of Rs. 420 in the near future, a trader can purchase shares with a price above Rs. 385 and a stop loss of Rs. 370.
Tanla Platforms: Tanla Solutions Limited is a provider of telecom goods and solutions that also offers related services and infrastructure. We suggest traders avoid purchasing at the current level and to wait for a fall. Traders can purchase stock around Rs 770 with a stop loss of Rs 735 and a target price of Rs 850 in the short term.
(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.)