Hudco, Cyient, Hindustan Copper: 3 stock picks from Rajesh Palviya of Axis Securities

Indian benchmark indices were back on winning track on Tuesday ahead of the US Fed's policy meet announcement, where rate cuts were expected. Beside that, optimism over trade deals with the US also supported the sentiments. BSE Sensex surged 594.95 points, or 0.73 per cent, to settle at 82,380.69, while NSE's Nifty50 rallied 169.90 points, or 0.68 per cent, to close at 25,239.10 for the day.
 

Select buzzing stocks including Hindustan Copper, Housing & Urban Development Corporation (Hudco) and Cyient are likely to remain under the spotlight of traders for the session today. Here is what Rajesh Palviya, SVP of Research at Axis Securities has to say about these stocks ahead of Wednesday's trading session:
 

Hindustan Copper | Buy | Target Price: Rs 325 | Stop Loss: Rs 276

Hindustan Copper has confirmed an 'inverse head and shoulder'- a trend reversal pattern at Rs 281 levels on a closing basis on the daily charts. Huge volumes on this breakout signify the increased participation. The stock is sustaining above its 20, 50, 100 and 200-day SMAs, which reconfirms bullish sentiments. The daily 'band Bollinger' buy signal indicates increased momentum. The daily, weekly and monthly strength indicator RSI is in positive terrain, which reconfirms sustained strength. Investors should consider buying, holding, and accumulating this stock. Its expected upside is Rs 320-335, and its downside support zone is the Rs 280-275 levels.
 

Cyient | Buy | Target Price: Rs 1,355 | Stop Loss: Rs 1,230

With the current close, Cyient has decisively broken out past the 8-9 months 'down-sloping' trendline at Rs 1,261 levels. It shows a short-term trend reversal. This breakout is accompanied by huge volumes, which signal increased participation. The stock is sustaining above its 20, 50, and 100-day SMAs, 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 reconfirms sustained strength. Investors should consider buying, holding, and accumulating this stock. Its expected upside is Rs 1,355-1,410, and its downside support zone is the Rs 1,260-1,218 levels.
 

Housing & Urban Development Corporation | Buy | Target Price: Rs 240 | Stop Loss: Rs 210

With the past couple of sessions' up move, Hudco has decisively surpassed the past seven weeks 'multiple resistance zone of Rs 221 on a closing basis, indicating strong comeback bulls. Currently, the stock is sustaining above its 20 and 200-day SMA, 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 reconfirms sustained strength. Investors should consider buying, holding, and accumulating this stock. Its expected upside is Rs 235-242, and its downside support zone is the Rs 220- 215 levels.