Federal Bank, IDFC, Gland Pharma: Trading strategies for these 3 stocks

 

Domestic benchmark erased early gains on Monday and settled lower amid muted global and domestic cues. The BSE Sensex dropped 168 points, or 0.28 per cent, to settle at 60,092.97. The NSE Nifty50 declined 61.75 points, or 0.34 per cent, to close at 17,894.85.

Amid a volatile move in benchmark indices, select stocks such as Federal Bank, IDFC and Gland Pharma were on traders’ radar. Here is what Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers suggests traders to do with these stocks in Tuesday's trading session:

Federal Bank | Buy | Target Price: Rs 150 | Stop Loss: Rs 135 |

In last 8 months, Federal Bank is making higher high-higher low, which resulted in whopping 76 per cent rally on the counter. At current juncture, it is trading above its previous four-day high of Rs 139, indicating further up move. On indicator front, the daily MACD has seen bullish crossover above zero-line along with daily 14-period RSI that rebounded from 50 level, signalling further bullish move on the counter. One can buy the said counter around Rs 140-141 for upside target of Rs 150. Place a stop loss at Rs 135.

Gland Pharma | Buy (above 1,364) | Target Price: Rs 1,600 | Stop Loss: Rs 1,300 |

After registering lifetime high of Rs 4,350 in August 2021, the Gland Pharma counter has tanked almost 67 per cent. At current scenario, Gland Pharma is forming bullish alternate bat pattern near Rs 1,364 levels, which can prove its plausible support in the coming sessions. If Gland Pharma doe not take support near Rs 1,364, one should immediately exit. A fresh buy will only trigger if Gland Pharma successfully tests Rs 1,364 level and closes above it on daily basis for a target of Rs 1600. Place stop loss at Rs 1300.

IDFC | Neutral

IDFC is constantly following its 100- and 200-day DEMA, which is a positive sign for its ongoing uptrend. Currently it is trading above its previous month's high of Rs 86.70, confirming its established uptrend. On the contrary side, one should wait as of now since IDFC is approaching its lifetime high of Rs 92.60, which is also its historical resistance. We expect some profit booking around the said level. As of now, fresh longs are not recommended; also, daily MACD is overstretched that can trigger sideways or some pull back moves in coming sessions.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Business Today)

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