Tata Steel, Wipro, IndusInd Bank: Trading Strategies for these buzzing blue-chip stocks

Domestic stock indices scaled new highs on Wednesday on hopes the US Fed may cut interest rate as early as March 2024. The BSE Sensex jumped 701.63 points, or 0.98 per cent, to settle at 72,038.43. The NSE's Nifty surged 213.40 points, or 1 per cent, to end the day at 21,654.75.

A few stocks namely Tata Steel Ltd, Wipro Ltd and IndusInd Bank Ltd are likely to be on traders’ radar today. Here is what  Laxmikant Shukla, Technical Research Analyst at YES Securities has to say on these stocks ahead of Thursday's trading session:

Wipro | Cautious | Resistance: Rs 490 | Support: Rs 430
Wipro formed a robust technical structure of higher high- low on key time frames. Yje daily and weekly MACDs are supporting the current strength whereas the momentum indicator RSI is also positively poised. The structure is looking impressive, as the stock is trading above its key moving averages. Looking at the current momentum, the stock could extend gain till Rs 490-500 levels where its next resistance stands. On the downside, the Rs 430 level will act as a strong demand zone.
 
Tata Steel | Buy | Target Price: Rs 153 | Stop Loss: Rs 127
Tata Steel shares are showing signs of a revival. The formation of Higher top-bottom on the daily chart, along with a bullish candle at lower levels, are indicating trend reversal. The scrip earlier saw severe beating where prices declined from a high of Rs 137 to all the way down to Rs 127. Momentum indicators such as stochastic have given bullish crossover, which also suggest a pullback move.  One can initiate a buy trade in Tata Steel at Rs 135-137 for the target of Rs 153 with stop loss of Rs 127 on a daily closing basis.
 
IndusInd Bank | Buy | Target Price: Rs 1,710 | Stop Loss: Rs 1,525
IndusInd Bank is exhibiting an uptrend on larger degree charts, having surpassed both its 20- and 50-DMAs with strong bullish candle that  is pointing towards the continuation of the positive trend. The momentum oscillator RSI is trading above the 60-mark on the daily time frame, indicating strength. The Ichimoku cloud is also suggesting a bullish move as the price is trading above the cloud. These factors indicate that a bullish move in the stock is possible for targets up to Rs 1,710. One can initiate a buy trade around Rs 1,575-1,595 range with a stop loss of Rs 1,525 on a daily closing basis.
 

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