Day Trading Guide: RIL among 6 stock recommendations for Tuesday
1/7
Stock Ideas
The benchmark indices ended a 3-day losing streak, tracking gains in global equity markets and buying in index majors ICICI Bank and Hindustan Unilever. The 30-share BSE index gained 326.84 points or 0.62 per cent to settle at 53,234.77, and the NSE Nifty ended 83.30 points or 0.53 per cent higher to close at 15,835.35.
"After a choppy first half, the benchmark indices recovered sharply during the second half and closed the session with decent gains. For the coming trading session, the previous swing high of 15,925 would be a strong resistance and then after, there is a gap area. On the other hand, major support is still placed at 15,500, but for the coming session, 15,660 might act as decent support," said Mehul Kothari - AVP, Technical Research, Anand Rathi Shares & Stock Brokers.
"After a choppy first half, the benchmark indices recovered sharply during the second half and closed the session with decent gains. For the coming trading session, the previous swing high of 15,925 would be a strong resistance and then after, there is a gap area. On the other hand, major support is still placed at 15,500, but for the coming session, 15,660 might act as decent support," said Mehul Kothari - AVP, Technical Research, Anand Rathi Shares & Stock Brokers.
2/7
Reliance Industries
Buy: Rs 2,420
Targets: Rs 2,600/2,660
Stop Loss: Rs 2,170
The ad-hoc selling pressure seen in the stock due to oil taxes seems to have halted. The make-or-break level was at 2,365. Prices have been reversing several times from the same. Reliance is now consolidating near 2,400 levels which can be ideal for accumulation. Major concerns can be seen only when the level of Rs 2,365 is broken on a closing basis, which could lead prices towards our stop loss levels.
Analyst: Ravi Gangan, Mehta Equities
Targets: Rs 2,600/2,660
Stop Loss: Rs 2,170
The ad-hoc selling pressure seen in the stock due to oil taxes seems to have halted. The make-or-break level was at 2,365. Prices have been reversing several times from the same. Reliance is now consolidating near 2,400 levels which can be ideal for accumulation. Major concerns can be seen only when the level of Rs 2,365 is broken on a closing basis, which could lead prices towards our stop loss levels.
Analyst: Ravi Gangan, Mehta Equities
3/7
ICICI Securities
Buy: Rs 425
Target: Rs 466
Stop Loss: Rs 385
ISEC has started moving on the path of recovery post falling to 410 levels. Close above Rs 420 levels on a daily basis would suggest more buying opportunities and change the direction on the upside. Accumulation of these stocks can be done near its current market price of Rs 425 and add more on dips towards 410 maintaining strict stop loss near Rs 385 levels.
Analyst: Ravi Gangan, Mehta Equities
Target: Rs 466
Stop Loss: Rs 385
ISEC has started moving on the path of recovery post falling to 410 levels. Close above Rs 420 levels on a daily basis would suggest more buying opportunities and change the direction on the upside. Accumulation of these stocks can be done near its current market price of Rs 425 and add more on dips towards 410 maintaining strict stop loss near Rs 385 levels.
Analyst: Ravi Gangan, Mehta Equities
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4/7
Blue Dart
Buy: Rs 7,770
Target: Rs 8,200
Stop Loss: Rs 7,500
Blue Dart confirmed a multi-year breakout above the Rs 7,800 mark. The daily ADX (14) is now above the 25 mark, and that indicates the upside trend might get stronger.
Analyst: Mehul Kothari, Anand Rathi Shares & Stock Brokers
Target: Rs 8,200
Stop Loss: Rs 7,500
Blue Dart confirmed a multi-year breakout above the Rs 7,800 mark. The daily ADX (14) is now above the 25 mark, and that indicates the upside trend might get stronger.
Analyst: Mehul Kothari, Anand Rathi Shares & Stock Brokers
5/7
Lupin
Buy: Rs 630
Target: Rs 680
Stop Loss: Rs 600
In the past year, Lupin has corrected over 50 per cent from the peak of Rs 1,260 without any meaningful bounce. The value of weekly ADX (14) has reached above the 45 mark, indicating exhaustion of the downtrend. We are also witnessing that there is a formation of a bullish SHARK harmonic pattern, and the stock is trading near its potential reversal zone.
Analyst: Mehul Kothari, Anand Rathi Shares & Stock Brokers
Target: Rs 680
Stop Loss: Rs 600
In the past year, Lupin has corrected over 50 per cent from the peak of Rs 1,260 without any meaningful bounce. The value of weekly ADX (14) has reached above the 45 mark, indicating exhaustion of the downtrend. We are also witnessing that there is a formation of a bullish SHARK harmonic pattern, and the stock is trading near its potential reversal zone.
Analyst: Mehul Kothari, Anand Rathi Shares & Stock Brokers
6/7
AIA Engineering
Buy: Rs 2,369
Target: Rs 2,535
Stop Loss: Rs 2,297
The stock has given a consolidation breakout. Besides, the price has moved above the previous swing high. The daily RSI has been indicating a positive momentum.
Analyst: Rupak De, LKP Securities
Target: Rs 2,535
Stop Loss: Rs 2,297
The stock has given a consolidation breakout. Besides, the price has moved above the previous swing high. The daily RSI has been indicating a positive momentum.
Analyst: Rupak De, LKP Securities
7/7
Bayer Corp
Buy: Rs 5,250
Target: Rs 5,450
Stop Loss: Rs 5,070
The stock has moved above the previous consolidation on the daily chart. It has maintained the golden crossover in the time of turmoil exhibiting resilience. Daily RSI is in bullish crossover and rising.
Analyst: Rupak De, LKP Securities
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)
Target: Rs 5,450
Stop Loss: Rs 5,070
The stock has moved above the previous consolidation on the daily chart. It has maintained the golden crossover in the time of turmoil exhibiting resilience. Daily RSI is in bullish crossover and rising.
Analyst: Rupak De, LKP Securities
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)