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Domestic stock indices settled higher on Tuesday, as traders awaited the outcome of RBI monetary policy. Buying seen in key sectors pushed indices higher.
The BSE Sensex jumped 454.67 points, or 0.63 per cent, to end at 72,186.09. The NSE Nifty rose 157.70 points, or 0.72 per cent, to end the session at 21,929.40.
A few stocks namely Gabriel India Ltd, Container Corporation of India Ltd (Concor), Transport Corporation of India Ltd (TCI) and Jindal Stainless Ltd will be in focus today. Here is what Vishnu Kant Upadhyay, Assistant Vice President – Research & Advisory at Master Capital Services has to say on these stocks ahead of Wednesday’s trading session:
Gabriel India | Buy | Target Price: Rs 415-430 | Stop Loss: Rs 360
Gabriel India appears to be maintaining a strong bullish momentum on its weekly chart. The stock was consolidating within a trading range for several weeks but recently it saw a breakout at a major support. This breakout was accompanied by a substantial increase in trading volume, which confirms the scenario of bullish activity ahead. The stock’s is currently trading above two important short-term moving averages — the 21-week EMA and the 55-week EMA. Given these favourable conditions, one can initiate long position within the price range of Rs 380-382. The stock has potential to hit Rs 415-430 levels. To manage risk, place a stop loss at Rs 360.
Container Corporation of India | Buy | Target Price: Rs 1,000-1,100 | Stop Loss: Rs 850
Container Corp (Concor) shares have been trading on a bullish trendline. It recently gave breakout at its all-time high level with huge volumes. This development strengthens the case for continuation of the upward trend. With strong support at the level of Rs 865, the stock is currently trading above two important short-term moving averages — the 21-week EMA and the 55-week EMA. One can initiate long position on the counter within the price range of Rs 917-922 for targets of Rs 1,000-1,100. To manage risk, place a stop loss at Rs 850.
Transport Corporation of India | Buy | Target Price: Rs 1,050-1,135 | Stop Loss: Rs 860
TCI has recently exhibited a robust breakout at the Rs 915 level on both daily and weekly time frames, indicating a strong bullish momentum. This breakout was accompanied by a substantial increase in trading volume, which confirms the bullish scenario. It’s noteworthy that the stock is sustaining above the breakout level and trading along with support of 21-day EMA. Given these favourable conditions, one can initiate long position within the price range of Rs 935-942 for targets of Rs 1050-1135. One can place stop loss at Rs 860.
Jindal Stainless | Buy on dips
Jindal Stainless has recently given a breakout at its all-time high level of Rs 622. This configuration hints at a potential bullish momentum in coming days. The stock has been following a bullish trendline on the weekly chart and is currently trading above two important short-term moving averages — the 21-week EMA and the 55-week EMA. The short term as well as long term view on this stock is bullish. As the stock has been trading at an all time high level, one can initiate a ‘buy on dip’ strategy. If the stock comes near Rs 560-575, it will be considered a good buy call.
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
