Can Fin Homes, Engineers India, Hindustan Copper, Oriental Hotels: Trading strategies for these stocks

Domestic stock indices settled lower on Monday after staying positive for most part of the session, led by a rise in US bond yields, strengthening dollar and a selloff in smallcap Chinese stocks. The BSE Sensex gyrated in a range of 800 points, before eventually settling at 71,731.42, down 354.21 points, or 0.49 per cent. The NSE Nifty gave up 82.10 points, or 0.38 per cent, to end the session at 21,771.70.

A few stocks namely Can Fin Homes Ltd, Hindustan Copper Ltd, Engineers India Ltd and Oriental Hotels Ltd are likely to be in focus today. Here is what Axis Securities has to say on these stocks ahead of Tuesday's trading session:

Can Fin Homes | Buy | Target Price: Rs 895-925 | Stop Loss: Rs 760
Can Fin Homes breached the 'symmetrical triangular' pattern at Rs 816 level on the weekly chart, indicating the initiation of an uptrend. This was seen after seven months of consolidation. Volume activity declined during the pattern formation but there was an increase in volume at the breakout level, indicating heightened market participation. The closing above the upper bollinger band on the weekly chart has generated a buy signal. The weekly strength indicator RSI has given a crossover above its reference line and generated a buy signal. The stock can see Rs 895-925 levels going ahead.

Engineers India | Buy | Target Price: Rs 281-292 | Stop Loss: Rs 218
Engineers India has broken above its multi-year resistance zone at Rs 206 with a bullish candle on the weekly chart, signalling the continuation of a medium-term uptrend. The increase in volume activity at the breakout suggests an influx of market participation, emphasizing the significance of the price movement. The stock is holding above key averages of 20-, 50-, 100-, and 200-day Simple Moving Average (SMA), signaling a strong uptrend in the stock. The weekly strength indicator RSI is in a bullish mode and is holding above its reference line indicating a positive bias. The analysis indicates an upside for the stock towards Rs 281-292 levels.

Hindustan Copper | Buy | Target Price: Rs 334-345 | Stop Loss: Rs 268
Hindustan Copper broke its consolidation zone of Rs 290-257 on the weekly chart, signalling continuation of a medium-term uptrend. The stock is exhibiting a pattern of higher high-low formations on the weekly chart and is holding above is medium-term upward sloping trendline, signaling a medium-term uptrend. The stock is maintaining its position above the 23 per cent Fibonacci Retracement level of the rally from Rs 135 to Rs 289, establishing a medium-term support base around Rs 254. The weekly strength indicator RSI has generated a buy signal with a crossover above its reference line. The analysis indicates an upside for the stock towards Rs 334-345 levels.

Oriental Hotels | Buy | Target Price: Rs 150-159 | Stop Loss: Rs 120
Oriental Hotels has broken above its consolidation zone of Rs 132-116 with a bullish candle, signaling the continuation of a medium-term uptrend. The volume activity declined during pattern formation but there was an increase in volume at the breakout, indicating heightened market participation. The stock is currently following an upward-sloping channel, having recently found support at the lower band and is now trending towards the upper band. The weekly strength indicator RSI is in a bullish mode and is holding above the reference line, indicating a positive bias. The analysis indicates an upside for the stock towards 150-159 levels.
 

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