Domestic benchmark indices settled higher on Tuesday as the optimism of GST rationalization and India’s credit rating upgrade continued.
However, traders await the US Jackson hole outcome later today. BSE Sensex jumped 370.64 points, or 0.46 per cent, to settle at 81,644.39, while NSE’s Nifty50 surged 103.70 points, or 0.42 per cent, to close at 24,980.65 for the day.
Select buzzing stocks including Tube Investments of India, Olectra Greentech and Jindal Stainless are likely to remain under the spotlight of traders for the session today. Here is what Rajesh Palviya, SVP of Research at Axis Securities has to say about these stocks ahead of Wednesday’s trading session:
Olectra Greentech | Buy | Target Price: Rs 1,700 | Stop Loss: Rs 1,430
Olectra has experienced a trend reversal, forming a series of higher tops and bottoms on the daily and weekly charts. It has also decisively surpassed the past one-year ‘down-sloping trendline’ on a closing basis, which shows trend reversal. The stock is well placed above its 20, 50,100 and 200-day SMA, which reconfirms a bullish trend, and these averages are also inching up along with the price rise, which reconfirms bullish sentiments. The daily, weekly and monthly strength indicator RSI indicates rising strength. Investors should consider buying, holding, and accumulating this stock. Its expected upside is Rs 1,685-1,755, and its downside support zone is the Rs 1,450-1,400 levels.
Tube Investments of India | Buy | Target Price: Rs 3,450 | Stop Loss: Rs 3,100
Tube Investments has experienced a trend reversal on the daily and weekly charts, forming a series of higher tops and bottoms. It has also surpassed the past 4-5 months consolidation range (Rs 3,110-2,800) on a closing basis, indicating a strong comeback of bulls. The stock is sustaining above its 20,50, 100 and 200-day SMA, which reconfirms the bullish trend. The daily ‘band Bollinger’ buy signal indicates increased momentum. The past couple of months’ rising volumes signify increased participation. The daily and weekly strength indicator RSI indicates rising strength. Investors should consider buying, holding, and accumulating this stock. Its expected upside is Rs 3,400-3,550, and its downside support zone is the Rs 3,040-3,000 levels.
Jindal Stainless | Buy | Target Price: Rs 835 | Stop Loss: Rs 715
Jindal Stainless has witnessed an ‘inverse head & shoulder’ formation breakout at Rs 736 levels on a closing basis on the weekly charts. The stock is well placed above its 20, 50,100 and 200-day SMA, which reconfirms a bullish trend, and these averages are also inching up along with the price rise, which reconfirms bullish sentiments. The daily, weekly and monthly strength indicator RSI indicates rising strength. The daily ‘band Bollinger’ buy signal indicates increased momentum. Investors should consider buying, holding, and accumulating this stock. Its expected upside is Rs 810-860, and its downside support zone is the Rs 720-710 levels.