Indian equity benchmark indices saw modest gains on Tuesday, influenced by the expiry of the August F&O series and a fall in crude oil prices following US sanctions on Iran that fell short of market expectations. The BSE Sensex closed up 286.98 points (0.37%) at 77,656.09, while the NSE Nifty50 gained 115.50 points (0.48%) to finish at 24,334.55.
Amidst this market activity, several buzzing stocks are poised to attract trader attention. Rajesh Palviya, Head of Research at Axis Direct, has shared his insights on select stocks, including AU Small Finance Bank Ltd, Paradeep Phosphates, and Chalet Hotels Ltd, offering key levels, target prices, and stop loss recommendations for Wednesday's trading session.
AU Small Finance Bank: Strong Bullish Bias
AU Small Finance Bank is currently in a strong uptrend across all time frames, characterized by a consistent series of higher tops and bottoms, signaling a robust bullish bias. The stock recently achieved an all-time high of Rs 1,144, further reinforcing positive sentiment. Increasing trading volumes during this rally indicate growing market participation.
Technical indicators, including the daily Bollinger Band's 'buy' signal, suggest increased momentum. The stock is positioned favorably above its 20, 50, 100, and 200-day Simple Moving Averages (SMAs), which are also rising with the price, reconfirming the bullish trend. Investors may consider buying and accumulating this stock.
- Recommendation: Buy
- Target Price: Rs 1,190-1,215
- Stop Loss: Rs 1,110
- Downside Support Zone: Rs 1,120-1,100
Chalet Hotels: Bulls Make a Strong Comeback
Chalet Hotels has decisively surpassed the multiple resistance zone of Rs 878-880 on a closing basis, accompanied by significant trading volumes, indicating a strong return by the bulls. The stock is well-positioned above its key SMAs (20, 50, 100, and 200-day), which are trending upwards alongside the price, confirming the bullish momentum.
Both daily and weekly Bollinger Band 'buy' signals point to increased momentum, while the daily and weekly Relative Strength Index (RSI) are in favorable territory, reflecting rising strength across all time frames. Traders are advised to consider buying, holding, and accumulating this stock.
- Recommendation: Buy
- Target Price: Rs 955-985
- Stop Loss: Rs 875
- Downside Support Zone: Rs 880-870
Paradeep Phosphates: Trending Higher with Bullish Sentiment
Paradeep Phosphates is trending higher, forming a series of higher tops and bottoms on both daily and weekly charts, which suggests a bullish sentiment for the near future. The stock is comfortably placed above its 20, 50, 100, and 200-day SMAs, with these averages also inching up with the price, reinforcing the bullish trend.
Substantial volumes observed during this rally indicate heightened momentum. The daily Bollinger Band's 'buy' signal confirms this increased momentum, and the daily and weekly RSI are in favorable territory, signaling rising strength across all time frames. Investors are encouraged to consider buying, holding, and accumulating this stock.
- Recommendation: Buy
- Target Price: Rs 171-180
- Stop Loss: Rs 152
- Downside Support Zone: Rs 154-150
Disclaimer: This article is 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.