Buy, Sell or Hold: What should investors do with Balrampur Chini, Supreme Petro and Aurobindo Pharma?

Indian market snapped a 2-day winning streak on Monday to close with a loss of nearly 1 per cent

The S&P BSE Sensex fell nearly 600 points while the Nifty50 closed just a shade above 17,100 levels. Source: Pixabay

Indian market snapped a 2-day winning streak on Monday to close with a loss of nearly 1 per cent. The S&P BSE Sensex fell nearly 600 points while the Nifty50 closed just a shade above 17,100 levels.

Sectorally, buying was seen in metal, and healthcare stocks while selling was seen in utilities, power, FMCG, and banks.

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Stocks that were in focus include Balrampur Chini which closed 4 per cent higher, Supreme Petrochem rallied more than 4 per cent, and Aurobindo Pharma closed with gains of over 6 per cent on Monday.

Here's what Jatin Gohil - Technical and Derivative Research Analyst at Reliance Securities, recommends investors should do with these stocks when the market resumes trading today:

Balrampur Chini: Buy on dips | Target: Rs600 | Time Duration: 1-2 Months

On 15th March’22, the stock tested its short-term support zone (Rs447-460) and bounced subsequently, which took it to a new life-time-high of Rs521.

Major technical indicators are positively poised, hence, our bullish view will remain intact. The stock has the potential to move towards Rs600.

In case of decline, its short-term support zone will the stock will continue to work as a reversal point.

Supreme Petro: Buy on dips | Target: Rs992 | Time Duration: 1-2 weeks

The stock witnessed a breakout from a bullish continuation pattern-Flag and recorded a new high of Rs900.

The key technical indicators are in favour of bulls. This could lead the stock towards Rs926 initially and Rs992 subsequently.

On the lower side, the stock will find support around the Rs820-810 zone.

Aurobindo Pharma: Buy on dips | Target: Rs767 | Time Duration: 1-2 Months

The stock bounced after a narrow range consolidation (Rs650-620) and closed above its key moving averages.

Its key technical indicators recovered from the lower level and were given a buy signal.

The stock has the potential to move towards Rs742 initially and Rs767 subsequently.

A pullback towards Rs650 will provide a better risk-reward for fresh long trades.

In case of decline, the stock will find major support around Rs590-580 zone.

(Disclaimer: The views/suggestions/advices expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)

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