HCL Technologies, Bata, PI Industries: How should you trade these stocks?

Domestic equity markets extended their gains for the fourth session in a row and settled higher on Tuesday on the back of strong domestic sentiments and the mixed global cues. BSE Sensex gained more than 122.75 points, or 0.20 per cent, to settle at 62,969.13. NSE's Nifty50 gained 35.20 points, 0.19 per cent, to end the session at 18,633.85.

Select stocks including Bata (India), PI Industries and HCL Technologies are likely to hog the spotlight at Dalal Street for the session. Here is what Rajesh Palviya, Head -Technical & Derivative at Axis Securities has to say on these stocks ahead of Wednesday's trading session:

Bata (India) | Buy Range: Rs 1,560-1,530 | Target Price: Rs 1,675-1,710 | Stop Loss: 1,480
Bata India on the daily chart has decisively broken out above the 'rounded bottom' pattern at Rs 1,550 level. The breakout is accompanied with an increase in volume confirming participation at breakout level. The stock is well placed above 20, 50 and 100 daily SMA indicating positive momentum. The daily strength indicator RSI is in bullish mode and daily RSI crossover above its reference line generated a buy signal. The above analysis indicates an upside of Rs 1,675-1,710 levels.

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PI Industries | Buy Range: Rs 3,480-3,412 | Target Price: Rs 3,830-3,920 | Stop Loss: 3,255
PI Industries on the weekly chart has decisively broken out above the 'falling channel' pattern at Rs 3,320, with an increase in volume. The stock retest the breakout area of the upper band of falling channel and bounce back confirming positive trend. The stock holds above 61.8 per cent Fibonacci Retracement of a rally from Rs 2,368-3,698 placed at Rs 2,877 forming a medium-term support zone. The weekly strength indicator RSI is holding above its reference line indicates positive momentum. The above analysis indicates an upside of Rs 3,830-3,920 levels.

HCL Technologies | Buy Range: Rs 1,130-1,108 | Target Price: Rs 1,185-1,250 | Stop Loss: 1,090
HCL Technologies on the weekly chart has decisively broken out above the medium term 'falling channel' at Rs 1,105 with bullish candle strong indicating an uptrend. The stock holds above 50 per cent Fibonacci Retracement of a rally from Rs 877-1,156 placed at Rs 1,018 forming a medium-term support zone. The stock is well placed above 20, 50, 100 and 200 daily SMA indicating positive momentum. The weekly strength indicator RSI is holding above its reference line indicates positive momentum. The above analysis indicates an upside of Rs 1,185-1,250 levels.

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