Havells, Torrent Power, Rain, Macrotech: Trading strategies for these buzzing stocks

The bulls continued their dominance on Monday, as benchmark indices closed higher for the seventh straight session. The NSE Nifty settled at 19,996.35, surging 176.40 points, or 0.89 per cent. The BSE Sensex rose 528.17 points, or 0.79 per cent, to close at 67,127.08.

Select stocks namely Torrent Power, Macrotech Developers, Rain Industries and Havells India are likely to be in focus on Dalal Street today. Here is what Axis Securities has to say on these stocks ahead of Tuesday's trading session:

Torrent Power | Buy | Target Price: Rs 794-830 | Stop Loss: 662
Torrent Power achieved a notable breakout on the weekly chart by surging beyond the medium-term resistance zone of Rs 600-Rs 610 at the beginning of June, marked by a strong bullish candle. After the breakout, the stock consolidated in a 'bullish pennants' pattern. During this week, it broke above the consolidation at Rs 678, indicating a resumption of the uptrend. The stock is establishing a pattern of higher high-low on the weekly chart, implying a favorable trend. The weekly strength indicator RSI given a crossover above its reference line generated a buy signal. The above analysis indicates an upside potential towards Rs 794-830 levels.

Rain Industries | Buy | Target Price: Rs 197-207 | Stop Loss: 164
Rain Industries has convincingly broken out of a medium term 'symmetrical triangular' pattern at the Rs 172 level on the weekly chart, signalling a positive bias in its price trajectory. During the pattern formation, the volume dwindled but at the breakout point there was a noticeable increase in volume, signifying heightened participation and trader interest. The weekly 'bollinger band' indicator generated a ‘buy’ signal as the stock closed above the upper Bollinger Band. The above analysis indicates an upside potential towards Rs 197-207 levels.

Havells India | Buy | Target Price: Rs 1,560-1,630 | Stop Loss: 1,375
Havells India has broken out of a medium-term consolidation zone of Rs 1,410-Rs 1,030 on the weekly chart, indicating a positive trend. The stock had established a medium-term support level at Rs 1,244, which corresponds to a 38 per cent Fibonacci retracement from the price range of Rs 1,024 to Rs 1,374. The stock is well-placed above key moving averages of 20-, 50-, 100- and 200 days, daily SMA, indicating positive momentum in the stock. The weekly strength indicator RSI given a crossover above its reference line generated a ‘buy’ signal. The above analysis indicates an upside towards Rs 1,560-1,630 levels.

Macrotech Developers | Buy | Target Price: Rs 865-900 | Stop Loss: 705
Macrotech achieved a significant breakout on the weekly chart by surging beyond the medium-term resistance zone ranging from Rs 622 to Rs 635 in the end of June. The stock reached Rs 773 and later retraced to Rs 640, retesting the breakout area. In the current week, it rebounded from this support zone and broke out of a recent falling channel, indicating continuation of uptrend. The stock witnessed a surge in volume at the breakout, signaling increased participation and interest from traders. The weekly strength indicator RSI given a crossover above its reference line generated a ‘buy’ signal. The above analysis indicates an upside of Rs 865-900 levels


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