Indian benchmark indices continued to gain on Tuesday on the back of positive global cues, led by buying in the IT counters. However, profit booking in select pockets kept gains in check. BSE Sensex jumped 314.02 points, or 0.39 per cent, to settle at 81,101.32, while NSE’s Nifty50 rose 95.45 points, or 0.39 per cent, to close at 24,868.60 for the day.
Select buzzing stocks including Zydus Lifesciences, Khaitan Chemicals and Ashapura Minechem 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:
Ashapura Minechem | Buy | Target Price: Rs 680 | Stop Loss: Rs 555
Ashapura Minechem is in a strong uptrend across all time frames. In addition, it has also registered an all-time high at Rs 627, which signals bullish sentiments. On the daily chart, the stock has confirmed a ‘cup and handle’ formation at Rs 583 levels on a closing basis. This breakout is accompanied by huge volumes, which signify increased participation. 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 “band Bollinger” buy signal indicates increased momentum. The daily, weekly and monthly strength indicator RSI is in positive terrain, which reconfirms sustained strength. Investors should consider buying, holding, and accumulating this stock. Its expected upside is Rs 665-700, and its downside support zone is the Rs 583-568 levels.
Zydus Lifesciences| Buy | Target Price: Rs 1,130 | Stop Loss: Rs 975
With the current close, Zydus Life has decisively surpassed its past one-year ‘multiple resistance zone’ of Rs 1,020 levels on a closing basis. The past couple of weeks’ rising volumes signify increased participation. 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 is in positive terrain, which reconfirms sustained strength. Investors should consider buying, holding, and accumulating this stock. Its expected upside is Rs 1,070-1,120, and its downside support zone is the Rs 1,009- 990 levels.
Khaitan Chemical | Buy | Target Price: Rs 155 | Stop Loss: Rs 120
Khaitan Chemical in a strong uptrend, forming a series of higher tops and bottoms formation. On the weekly chart, the stock is well placed above its ‘multiple resistance zone’ breakout of Rs 118 levels on a closing basis, which shows bullish sentiments. Huge rising volumes indicate increased participation. The daily, weekly and monthly strength indicator RSI is in positive terrain, which reconfirms sustained strength. Investors should consider buying, holding, and accumulating this stock. Its expected upside is Rs 145-157, and its downside support zone is the Rs 124- 119 levels.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
