Big Movers on D-St: What should investors do with Karur Vysya Bank, M&M and Bharti Airtel?

Indian market closed in the green for the third consecutive day on Monday with gains of over 1%. The S&P BSE Sensex closed above 60,000 while Nifty50 also managed to close above 18,000.

Sectorally, buying was seen in auto, capital goods, consumer durables, and telecom.

Stocks that were in focus included names like Karur Vysya Bank which closed with gains of more than 6%, M&M which ended with gains of nearly 3%, and Bharti Airtel which hit a fresh 52-week high.

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:

Karur Vysya Bank: Buy
Continuing its prior rising trend, the stock rose to a 4-and-a-half-year high of Rs 104.70. The stock ended the month on a positive note for the fourth time in a row.

We believe that undergoing positive momentum will continue. This could take the stock towards its lifetime high of Rs 136.70. The stock is positively poised above its key moving averages on major timeframe charts.

In case of any decline, the stock has respected its upward-sloping 20-day EMA (currently placed at around Rs 90) and resumed its up-trend subsequently.

A fresh long position can be initiated at the current juncture and on dips for the desired action.

M&M: Buy
After surpassing its long-term supply zone (Rs 979-993), the stock explored uncharted territory. It resumed its up-move post-short-term consolidation and recorded a new high of Rs 1,358.

We continue to believe that the stock will remain in a bullish trajectory and could move towards Rs 1,500. The key technical indicators are positively poised.

The stock will find support around its upper band of the consolidation (placed at around Rs 1,270). A fresh long position can be initiated at the current juncture and on dips for a probable rise.

Bharti Airtel: Buy
In mid-Sep’22, the stock witnessed a breakout from a narrow range consolidation (Rs 780-630). After forming a base around its upper band, the stock resumed its up-move and registered a new lifetime high of Rs 834.

This could take the stock towards Rs 900 initially and Rs 930 subsequently. Major technical indicators are in favour of the bulls.

In case of any decline, as per the change in polarity principle, the stock will find support around its upper band of the range. A fresh long position can be initiated at the current juncture and on dips for a possible up-move.

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