Buy Tata Motors, Blue Star & Strides Pharma shares, suggest Rajesh Palviya of Axis Securities

Indian benchmark indices settled on a flat note or little changed on Tuesday amid muted global cues as markets took a breather from recent rally. Traders await key economic data due later this week for further cues. BSE Sensex shed 53.49 points, or 0.06 per cent, to settle at 82,391.72, while NSE's Nifty50 added only 1.05 points to close at 25,104.25 for the day.

 

Select buzzing stocks including Tata Motors Ltd, Blue Star Ltd and Stride Pharma Science Ltd are likely to remain under the spotlight of traders for the session today. Here is what Rajesh Palviya, SVP of Technical and Derivatives Research at Axis Securities has to say about these stocks:

 

Tata Motors | Buy | Target Price: Rs 780 | Stop Loss: Rs 705

Tata Motors has experienced a trend reversal on the daily and weekly time frame, forming a series of higher tops and bottoms, indicating bullish sentiments. The stock is currently sustaining above its 20, 50 and 100 day SMA's which reconfirms bullish sentiments. The past couple of months' rising volumes signify increased participation. The daily and weekly strength indicator RSI indicates rising strength. Investors should consider buying, holding, and accumulating this stock. Its expected upside is Rs 770-810, and its downside support zone is the Rs 713-695 levels.

 

Blue Star | Buy | Target Price: Rs 1,770 | Stop Loss: Rs 1,570

Blue Star has confirmed a trend reversal on the hourly charts, forming a series of higher tops and bottoms. Huge volumes in the past 3-4 months signify increased accumulation at lower levels. This buying is observed from the 20-day SMA support of Rs 1,568, which reconfirms bullish sentiments. The daily 'band Bollinger' buy signal indicates increased momentum. The daily and weekly strength indicator RSI is in positive terrain, which indicates rising strength. Investors should consider buying, holding, and accumulating this stock. Its expected upside is Rs 1,770-1,855, and its downside support zone is the Rs 1,565-1,525 levels.

 

Strides Pharma Science | Buy | Target Price: Rs 900 | Stop Loss: Rs 785

Strides Pharma is in a strong uptrend, forming a series of higher tops and bottoms indicates positive bias. The stock is sustaining above its 'consolidation zone' breakout of Rs 760 levels, which confirms positive bias.  This breakout is accompanied by huge volumes, which signal increased participation. The stock is well-positioned above its 20-day, 50-day, 100-day and 200-day SMAs, and these averages are also inching up along with rising prices, which reconfirms bullish sentiments. The weekly "band Bollinger " buy signal indicates increased momentum. Investors should consider buying, holding, and accumulating this stock. Its expected upside is Rs 875-930, and its downside support zone is the Rs 790-775 levels.