Indian benchmark indices witnessed a relief rally from day’s lows and settled higher on Tuesday. However, muted corporate results and delayed trade deal is denting the sentiments at Dalal Street.
BSE Sensex jumped 446.93 points, or 0.55 per cent, to settle at 81,337.95, while NSE’s Nifty50 gained 140.20 points, or 0.57 per cent, to close at 24,821.10 for the day.
Select buzzing stocks including Asian Paints, Sudarshan Chemicals and Syngene International likely to remain under the spotlight of traders for the session today. Here is what Rajesh Palviya, SVP of Technical and Derivatives Research at Axis Securities has to say about these stocks ahead of Tuesday’s trading session:
Sudarshan Chemicals | Buy | Target Price: Rs 1,540 | Stop Loss: Rs 1,340
Sudarshan Chemicals demonstrates strong bullish momentum with the successful formation of a series of higher tops and bottoms. Recently, the stock has registered an all-time high at 1469, which supports bullish sentiments. The stock exhibits robust technical strength, supported by increasing volume and positive momentum indicators, positioning it favourably for the short-term continuation of the upward trend. The stock is well positioned above its 20, 50, 100 and 200-day SMA’s and these averages are also inching up along with the price rise, which reconfirms the bullish trend. The daily ‘band Bollinger’ buy signal signifies increased momentum. The strength indicator RSI is in positive terrain across all time frames, which signals rising strength. Investors should consider buying, holding, and accumulating this stock. Its expected upside is Rs 1,500-1,585, and its downside support zone is the Rs 1,350-1,300 levels.
Syngene International | Buy | Target Price: Rs 760 | Stop Loss: Rs 670
Syngene has been trending lower since December 2024, forming a series of lower tops and bottoms. However, the stock has confirmed a short-term trend reversal at lower levels in the past 2-3 weeks. Huge rising volumes signify increased participation. The stock is sustaining above its 20, 50 and 100-day SMA, which reconfirms bullish sentiments. The daily and weekly strength indicator RSI indicates rising strength. The daily and weekly ‘band-Bollinger’ buy signal indicates increased momentum. Investors should consider buying, holding, and accumulating this stock. Its expected upside is Rs 755-800, and its downside support zone is the Rs 690-670 levels.
Asian Paints | Buy | Target Price: Rs 2,540 | Stop Loss: Rs 2,310
Asian Paints has been strongly consolidating within Rs 2,550-2,150 levels since November 2024. However, the stock has shown buying momentum along with rising volumes in the past couple of sessions, indicating strong accumulation. This buying momentum has been observed around 50 and 100 SMA’s which signals a strong support zone. The daily and weekly strength indicator RSI indicates rising strength. Investors should consider buying, holding, and accumulating this stock. Its expected upside is Rs 2,500-2,700, and its downside support zone is the Rs 2,320-2,280 levels.