SRF, Oil India, Syngene: Trading Strategies for these buzzing stocks

Domestic stock indices settled higher on Friday. The optimism over likely Fed rate cuts in 2024 boosted the sentiment but the ongoing holiday season dented volumes. The BSE Sensex rose 241.86 points, or 0.34 per cent, to settle at 71,106.96. The NSE Nifty50 gained 76.25 points, or 0.36 per cent, to end the day at 21,331.30.

A few stocks namely Oil India Ltd, Syngene International Ltd and SRF Ltd are likely to be on traders’ radar today. Here is what Kunal Shah, Senior technical and Derivative analyst at LKP Securities. has to say on these stocks ahead of Monday's trading session:

Oil India | Buy | Target Price: Rs 400-420 | Stop Loss: Rs 340
Oil India has demonstrated a robust breakout on the daily chart, accompanied by a significant surge in volumes. The momentum indicator, RSI, has confirmed the bullish sentiment by registering a positive crossover. The stock's lower-end support is identified at Rs 340, serving as a solid foundation for potential upward movements. With this positive momentum, the stock has the potential to reach upside targets of Rs 400 and Rs 420 levels.

Syngene International | Buy | Target Price: Rs 750-770 | Stop Loss: Rs 675
Syngene has recently formed a double bottom pattern on the daily chart, complemented by a Morning Star pattern and notable volumes, signaling a bullish trend. The momentum indicator RSI has undergone a positive crossover, providing confirmation of the buy signal on the daily chart. The lower-end support is identified at Rs 675, while the potential upside is likely in the Rs 750-770 range. Traders may find the setup favorable for considering long positions.

SRF | Buy | Target Price: Rs 2,600-2,650 | Stop Loss: Rs 2,350
SRF is poised for a breakout from a significant consolidation phase, supported by notable volumes. The momentum indicator RSI has displayed a positive crossover, affirming the buy signal. The lower-end support for the stock is observed at Rs 2,350, providing a cushion for potential downside risks. The upside targets for the stock are at Rs 2,600 and Rs 2,650 levels.

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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.