Ruchit Jain, lead research analyst at 5paisa, on Monday said there should be a good outperformance within the metal space. "For National Aluminium Company Ltd (Nalco), Rs 237-238 would be the initial resistance. We are almost near those levels and once this gets surpassed, we can see Rs 260 in the short term. The overall trend still remains positive and existing investors can continue to hold on. Fresh buying can also be done here. Near-term support base will be at Rs 210," the market expert told Business Today TV. Nalco shares jumped 4.42 per cent to hit an all-time high of Rs 232.55.
Jain also liked JSW Steel Ltd and Hindalco Industries Ltd from the metal segment.
When asked to share his view on Aptus Value Housing Finance India Ltd, the market specialist said, "The overall structure looks quite positive. We can expect an upside target of Rs 440 in the short term once we see a sustainable move above Rs 400 level." Aptus Value shares soared 11.27 per cent to hit a lifetime high value of Rs 401.70.
Meanwhile, Indian equity benchmarks today logged a decent uptick, led by gains in banks, financials, consumer, IT and realty stocks. Broader markets (mid- and small-cap shares) also remained positive.
13 out of the 16 sector gauges -- compiled by the NSE -- settled in the green. Sub-indexes Nifty Bank, Nifty Financial Services, Nifty FMCG, Nifty Consumer Durables, Nifty IT and Nifty Realty outperformed the NSE platform by rising as much as 1.26 per cent, 1.04 per cent, 0.47 per cent, 0.65 per cent, 1.27 per cent and 1.61 per cent. In contrast, Nifty Media, Nifty Metal and Nifty Oil & Gas fell 1 per cent, 0.28 per cent and 0.14 per cent, respectively.
Today, Wipro emerged as the top gainer in the Nifty pack as the stock jumped 4.24 per cent to trade at Rs 550.7. Tech Mahindra, HDFC Life, HDFC Bank and L&T climbed up to 2.88 per cent.
On the flipside, ONGC, Maruti Suzuki, Tata Steel, Bajaj Finance and Adani Enterprises were the top losers on Nifty50.
The overall market breadth was strong as 2,069 shares advanced while 1,973 declined on BSE. 249 stocks touched their respective one-year high levels today while 26 stock hit their 52-week lows.