State Bank of India, Nalco, GSFC: Trading strategies for these buzzing stocks
An analyst from LKP Securities said that National Aluminium has given a swing high breakout on the daily timeframe. The stock has been sustaining above the critical moving average.
- Jul 9, 2024,
- Updated Jul 9, 2024 7:36 AM IST
Indian benchmark indices kicked off the week on a muted note and settled marginally changed on Monday ahead of India Inc earnings later this week and absence of major triggers. BSE Sensex shed 36.22 points, or 0.05 per cent to end at 79,960.3. The Nifty50 index retreated merely 3.30 points, or 0.01 per cent, to settle at 24,320.55 for the day.
Some buzzing stocks namely National Aluminium Company Ltd (Nalco), Gujarat State Fertilizers & Chemicals Ltd (GSFC) and State Bank of India (SBI) are likely to remain under the spotlight of traders for the session today. Here is what Rupak De, Senior Technical Analyst at LKP Securities has to say on these stocks ahead of Tuesday's trading session:
National Aluminium Company | Buy | Target Price: Rs 225 | Stop Loss: Rs 199
National Aluminium has given a swing high breakout on the daily timeframe. Additionally, the stock has been sustaining above the critical moving average. The RSI is rising with a bullish crossover. The short-term trend might remain positive, with the potential to reach Rs 225. On the lower end, support is placed at Rs 199.
Gujarat State Fertilizers & Chemicals | Buy | Target Price: Rs 277 | Stop Loss: Rs 249
GSFC has given a consolidation breakout on the daily timeframe. Additionally, the stock has been sustaining above the critical moving average. The RSI is rising with a bullish crossover. The short-term trend might remain positive, with the potential to reach Rs 277. On the lower end, support is placed at Rs 249.
State Bank of India | Buy | Target Price: Rs 900 | Stop Loss: Rs 839
State Bank of India has formed a flag pattern on the daily chart, a breakout above the flag might induce a strong rally in the stock. The support is placed below which the stock might start losing strength, until then the trend might remain strong. The short-term trend might remain positive, with the potential to reach Rs 900. On the lower end, support is placed at Rs 839.
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.
Indian benchmark indices kicked off the week on a muted note and settled marginally changed on Monday ahead of India Inc earnings later this week and absence of major triggers. BSE Sensex shed 36.22 points, or 0.05 per cent to end at 79,960.3. The Nifty50 index retreated merely 3.30 points, or 0.01 per cent, to settle at 24,320.55 for the day.
Some buzzing stocks namely National Aluminium Company Ltd (Nalco), Gujarat State Fertilizers & Chemicals Ltd (GSFC) and State Bank of India (SBI) are likely to remain under the spotlight of traders for the session today. Here is what Rupak De, Senior Technical Analyst at LKP Securities has to say on these stocks ahead of Tuesday's trading session:
National Aluminium Company | Buy | Target Price: Rs 225 | Stop Loss: Rs 199
National Aluminium has given a swing high breakout on the daily timeframe. Additionally, the stock has been sustaining above the critical moving average. The RSI is rising with a bullish crossover. The short-term trend might remain positive, with the potential to reach Rs 225. On the lower end, support is placed at Rs 199.
Gujarat State Fertilizers & Chemicals | Buy | Target Price: Rs 277 | Stop Loss: Rs 249
GSFC has given a consolidation breakout on the daily timeframe. Additionally, the stock has been sustaining above the critical moving average. The RSI is rising with a bullish crossover. The short-term trend might remain positive, with the potential to reach Rs 277. On the lower end, support is placed at Rs 249.
State Bank of India | Buy | Target Price: Rs 900 | Stop Loss: Rs 839
State Bank of India has formed a flag pattern on the daily chart, a breakout above the flag might induce a strong rally in the stock. The support is placed below which the stock might start losing strength, until then the trend might remain strong. The short-term trend might remain positive, with the potential to reach Rs 900. On the lower end, support is placed at Rs 839.
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.