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Equity benchmarks opened higher today and built up further gains in early trade, tracking positive trend in Asian peers. Banking, IT and metal sectors logged in healthy gains while other sectors also supported.
Among specific stocks, Reliance Industries is in focus ahead of AGM. Sona Comstar made tepid market debut as it listed at Rs 301, over 3% premium to issue price. The stock listed with a premium of 3.4% at Rs 301 per share on the NSE as against the issue price of Rs 291 per share
Shares of Shyam Metalics & Energy got listed at Rs 380 apiece on the National Stock Exchange on Thursday, a premium of 24.2% to the issue price of Rs 306 per share. The stock got listed with a 19.9% permium at Rs 367 on the BSE.
Dhaval P Vyas, Technical expert at DPV Investment Research believes, “Currently markets are trading sideways and therefore a better strategy for investors is to remain stock specific and not trade the indices.”
For investors trading in sectors, Vyas said, ” It is better to avoid power stocks, instead one must focus on the IT sector. Nifty Bank is down 2% this month so far. Go short on the Nifty Bank and metal stocks.”
Stock Recommendations
Lux Industries | TP: 3800 | SL : 3590
Mahindra CIE | TP: 255 | SL: 236
Godrej Industries | TP: 605 | SL: 562
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