Carborundum, Tata Motors & Gujarat Gas: What should be your strategy?

Domestic equity markets extended their gains for the second straight session and settled higher on Monday, thanks to the firm domestic and global cues.  BSE Sensex jumped 415.49 points, or 0.69 per cent, to 60,224.46, whereas NSE's Nifty50 surged 117.10 points, or 0.67 per cent, to 17,711.45.

Select stocks such as Carborundum Universal, Tata Motors and Gujarat Gas were on traders' radar amid the strong trading session at Dalal street. Here is what Vaishali Parekh, Vice President - Technical Research at Prabhudas Lilladher suggests to investors as the trading strategy in these stocks during Wednesday's trading session:

| Carborundum Universal | Hold | Resistance: Rs 1,035-1,040 | Stop Loss: Rs 960 |
Carborundum Universal Ltd has witnessed some resistance near the previous peak zone of Rs 1,035-1,040 levels and would need a decisive breakthrough above this zone for a continuation of the positive move further ahead. The RSI is well placed and can expect further rise in the coming days keeping the stop loss of 960 in the near-term time frame.  

| Tata Motors | Hold | Target Price: Rs 455-460 | Stop Loss: Rs 430 |
Tata Motors Ltd has once again moved past the significant 50 EMA and 200DMA level of Rs 427 quite decisively with a positive bullish candle pattern on the daily chart to indicate strength and further rise is expected in the next 2-3 sessions till Rs 455-460 zones. The near-term support can be maintained at Rs 430 levels and expect further gains.
 
| Gujarat Gas | Hold | Resistance: Rs 530-535 |
Gujarat Gas Ltd has picked up momentum quite well in the past one month moving from Rs 450 zone to move past the significant 50 EMA and 200DMA indicating strength and has further potential to carry on the momentum still further upside. The near-term resistance is near Rs 530-535 zone and a decisive breach above would trigger further upward move.  


(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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