Big movers on D-Street: What should investors do with Sobha, L&T Finance and Marico?
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Benchmark indices continued their uptrend and scaled fresh peaks on Thursday. The 30-share Sensex jumped 538 points to hit its lifetime peak of 77,145 and the Nifty rallied 75 points to settle at a new closing high of 23,398. Stocks that were in focus include names like Sobha, which rose 4.97%, L&T Finance, which gained 2.98%, and Marico, whose shares declined 2.94% on Thursday. Here's what Riyank Arora, Technical Analyst at Mehta Equities, recommends investors should do with these stocks when the market resumes trading today. Sobha With the RSI (14) on the monthly time frame around 85, the stock is showing slightly overbought conditions. On the daily time frame, the stock is continuously witnessing selling pressure at higher levels, facing wick rejections one after the other. It is suggested to focus on booking profits here and re-entering at lower levels around 1800 for the stock. L&T Finance Around 8.82 crore shares of L...