Indian equity markets saw a decent rebound on Tuesday, influenced by softer crude oil prices and improving sentiment between the US and Iran. However, global macro dynamics tempered gains. The BSE Sensex rose 394.50 points to close at 73,918.76, while NSE's Nifty50 gained 119.10 points, ending at 23,242.10.
Amidst this market activity, select buzzing stocks, including RBL Bank, Data Patterns (India) Ltd, and Deepak Fertilisers and Petrochemicals Corp Ltd, are expected to remain in focus for traders. Rajesh Palviya, Head of Research at Axis Direct, offered insights on these stocks ahead of Wednesday's trading session.
Stock Recommendations from Axis Direct
Data Patterns (India) Ltd | Buy
- Target Price: Rs 4,780-4,850
- Stop Loss: Rs 4,310
Data Patterns is exhibiting a strong uptrend across all timeframes, consistently forming higher tops and bottoms. The stock has decisively surpassed its past one-month 'multiple resistance' zone of Rs 4,320 on a closing basis, supported by significant trading volumes, indicating increased investor participation. It is positioned well above its 20, 50, 100, and 200-day Simple Moving Averages (SMAs), which are also rising alongside the price, reaffirming the bullish trend. Daily, weekly, and monthly Relative Strength Index (RSI) values are in favorable territory, signaling rising strength. A daily 'Bollinger band' buy signal further confirms increased momentum. Investors are advised to consider buying, holding, and accumulating this stock, with an expected upside towards Rs 4,780-4,850 and downside support at the Rs 4,320-4,300 levels.
Deepak Fertilisers and Petrochemicals Corp Ltd | Buy
- Target Price: Rs 1,600-1,680
- Stop Loss: Rs 1,470
Deepak Fertilisers is trending higher, forming higher tops and bottoms on both daily and weekly charts. The stock recently revisited its 20-day SMA (Rs 1,336) and rebounded sharply. It is comfortably placed above its 20, 50, 100, and 200-day SMAs, which are also advancing with the price, reinforcing the bullish outlook. The stock has decisively breached the 'multiple resistance' zone of Rs 1,485 on a closing basis, accompanied by large volumes, suggesting a resumption of its prior uptrend. The daily, weekly, and monthly RSI values are in favorable territory, indicating sustained strength. Investors should consider buying, holding, and accumulating this stock, with an expected upside to Rs 1,600-1,680 and downside support at the Rs 1,485-1,450 levels.
RBL Bank Ltd | Buy
- Target Price: Rs 375-390
- Stop Loss: Rs 347
RBL Bank Ltd recently achieved an all-time high at Rs 362, signaling strong bullish sentiment. The stock is trending higher within an upward-sloping channel, consistently forming higher tops and bottoms, indicative of a sustained uptrend. Both daily and weekly 'Bollinger Band' buy signals confirm increasing momentum. RBL Bank is well-positioned above its 20, 50, 100, and 200-day SMAs, which are also rising with the price, reconfirming the bullish trend. The daily, weekly, and monthly RSI values are in favorable territory, reflecting rising strength across all timeframes. Investors are encouraged to consider buying, holding, and accumulating this stock, with an expected upside of Rs 375-390 and downside support at the Rs 345–350 levels.
Disclaimer: This information 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.