Day Trading Guide: Jindal Steel, DLF among 4 stocks analysts recommend for Monday
1/5
Stock Ideas
“Follow-up action needs to be closely watched as on multiple occasions in the recent past, Nifty failed to sustain above levels of 16,400. A decisive breakthrough above 16,400 is essential to ensure a shift of range on upside,” said Amit Trivedi, Technical Analyst - Institutional Equities, YES Securities.
“Meanwhile, Bank Nifty rallied for the consecutive week. It has jumped 8 per cent off its recent low. Minor throwback might be there, however, levels of 34,800 are likely to act as a support zone.”
On the sectoral front, the auto index settled near its prior month’s high, stability above 11,300 is essential to unlock further upside potential. The metal index is down by ~18% this month so far, minor consolidation is possible as the index is likely to digest its recent decline; mixed action is possible among the metal stocks, the analyst said.
Below are stocks that analysts recommend for Monday:
“Meanwhile, Bank Nifty rallied for the consecutive week. It has jumped 8 per cent off its recent low. Minor throwback might be there, however, levels of 34,800 are likely to act as a support zone.”
On the sectoral front, the auto index settled near its prior month’s high, stability above 11,300 is essential to unlock further upside potential. The metal index is down by ~18% this month so far, minor consolidation is possible as the index is likely to digest its recent decline; mixed action is possible among the metal stocks, the analyst said.
Below are stocks that analysts recommend for Monday:
2/5
JSW Steel
Buy: near Rs 396
Stop loss: Rs 385
Target: Rs 420
Forming a sizable bullish candle, on Thursday the stock found renewed buying interest near its Feb. month's lower levels. Stability at current levels could mean that the stock is due for mean reversion.
Analyst: Amit Trivedi, YES Securities
Stop loss: Rs 385
Target: Rs 420
Forming a sizable bullish candle, on Thursday the stock found renewed buying interest near its Feb. month's lower levels. Stability at current levels could mean that the stock is due for mean reversion.
Analyst: Amit Trivedi, YES Securities
3/5
DLF
Buy 330 Call option near 13 (premium)
Stop loss: Rs 7.5
Target: Rs 24
After losing 26 per cent from April month’s high, the stock has managed to defend its March month’s low on a closing basis. Sustenance above levels of Rs 320 is likely to attract short term bounce till Rs 345-350 zone.
Analyst: Amit Trivedi, YES Securities
Stop loss: Rs 7.5
Target: Rs 24
After losing 26 per cent from April month’s high, the stock has managed to defend its March month’s low on a closing basis. Sustenance above levels of Rs 320 is likely to attract short term bounce till Rs 345-350 zone.
Analyst: Amit Trivedi, YES Securities
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4/5
SRF
Buy at Rs 2362
Stop Loss: Rs 2320
Target: Rs 2470
SRF has corrected almost 24 percent from its top made on April 8, 2022 (i.e. Rs 2,773). At current juncture it has formed bullish AB=CD pattern on 4 hours chart with potential reversal zone of Rs 2,100-2,150. On the indicator front, four hours RSI (relative strength index) has shown impulsive structure below oversold zone of 30 which is indicating that bears are losing steam.
Analyst: Mehul Kothari, Anand Rathi
Stop Loss: Rs 2320
Target: Rs 2470
SRF has corrected almost 24 percent from its top made on April 8, 2022 (i.e. Rs 2,773). At current juncture it has formed bullish AB=CD pattern on 4 hours chart with potential reversal zone of Rs 2,100-2,150. On the indicator front, four hours RSI (relative strength index) has shown impulsive structure below oversold zone of 30 which is indicating that bears are losing steam.
Analyst: Mehul Kothari, Anand Rathi
5/5
Gujarat Gas
Buy at Rs 554
Stop Loss: Rs 525
Target: Rs 600
Gujarat Gas has given range breakout on weekly chart along with MACD positive crossover and RSI given impulsive behaviour near 30 levels indicating upward momentum.
Analyst: Mehul Kothari, Anand Rath
Stop Loss: Rs 525
Target: Rs 600
Gujarat Gas has given range breakout on weekly chart along with MACD positive crossover and RSI given impulsive behaviour near 30 levels indicating upward momentum.
Analyst: Mehul Kothari, Anand Rath