GNFC, PVR, Eicher Motors gave strong return in yesterdays trade, what should you do now

Yesterday, for the third consecutive day, there was a decline in the market and it closed at a new low of 2 months. The weakness of the Asian markets had also spoiled the sentiments of the Indian markets. The BSE Sensex had closed at 54,365 yesterday, down more than 100 points. On the other hand, Nifty closed at 16,240 level, falling more than 60 points, which is the lowest closing level since March 8.

The Nifty Metal Index was the biggest loser in yesterday’s trade and it was down 5 per cent. On the other hand, the IT index was the second biggest loser with a fall of 1 per cent. Along with the giants, small and medium stocks were under pressure yesterday. Nifty Midcap and Smallcap indices closed with a fall of nearly 2 per cent.

On NSE yesterday, for every 1 rising share, there was a fall in 4 stocks. Volatility was also on the higher side. The volatility index had crossed the level of 22, which is a sign of further volatility in the market. India VIX was seen up 1.22 per cent yesterday at the level of 22.3.

Gujarat Narmada Valley Fertilizers & Chemicals (GNFC), PVR and Eicher Motors were the biggest gainers in the F&O segment in yesterday’s trade. GNFC closed at Rs 817 with a gain of 7.8 per cent yesterday. On the other hand, PVR closed at 1,772 with a gain of 4 per cent, while Eicher Motors gained 3 per cent to close at 2,415.55.

Let us know from Ruchit Jain of what should be the investment strategy in these stocks now

GNFC-There is still a bullish trend in this stock. Those who have this stock should stay in it. But for this, keep a stop loss of Rs 750. Buying this stock at current levels is not advisable as its risk-reward ratio is not looking good.

PVR- Those who are holding this stock should keep a stop loss of Rs 1,673 in it. On the upside, resistance is visible for this stock at Rs 1,855 – 1,950.

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Eicher Motors- The stock appears to be in the consolidation phase. Its sentiment is moving between a big channel. Until and unless this stock breaks the resistance of this channel, one needs to avoid bottom fishing. Those who have this stock should also lighten their positions in the event of a pullback. Immediate resistance is visible on the upside for the stock at Rs 2500-2560. On the downside, there is support in the range of Rs 2300-2160.

Disclaimer: The views expressed on are the personal views of the experts. Website or management is not responsible for this. Money Control advises users to consult a certified expert before taking any investment decision.

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