Big Movers on D-St: What should investors do with JK Lakshmi Cement, Kalyan Jewellers and Chambal Fertilizers?

Indian markets closed mixed on Monday tracking muted global cues.

S&P BSE Sensex closed flat with a negative bias while Nifty50 managed to hold on to 18,700 levels.

Sectorally, buying was seen in metals, public sector, realty, and banks while selling was visible in healthcare, IT and auto stocks.

Stocks that were in focus include JK Lakshmi Cement which was up 10%, Kalyan Jewellers which gained more than 5% and Chambal Fertilisers which was up over 2% 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:

JK Lakshmi Cement– Partial profit booking
Continuing its prior daily rising trend, the stock recorded a new lifetime high. The key technical indicator tested the overbought zone on a short-term timeframe chart.

In the past, the stock witnessed profit booking after such setup. The stock may witness a price-wise or time-wise correction in the near term. In case of profit
booking, the stock will find support around Rs 690-680 zone.

However, a follow-up move could lead the stock towards Rs900.

Kalyan Jewellers - Buy
After a higher level of reversal, the stock bounced after testing its prior point polarity (placed at around Rs 90) and resumed its northward journey. This took the stock to a record high.

We believe the stock will keep exploring uncharted territory. The stock has the potential to move towards Rs 140, which coincides with its 1.618% Fibonacci Retracement level of the prior up-move (Rs 55-109).

In case of any decline, now the stock will find support at around the psychological level Rs 100.

Chambal Fertilizers- Buy
The stock oscillated downwards post a trendline breakout and bounced respecting that extended trendline subsequently.

This could take the stock towards Rs 332-340-357 in the short term. The key technical indicators gave a buy signal post-bullish divergence.

On the lower side, the stock will find support around its prior swing low, which is placed at around Rs 279.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)