MCX, Thyrocare, Innova Captab: Top stocks to trade — key levels, target prices & stop loss

Indian equity benchmark indices settled lower on Tuesday after the attention shifted to the rise in crude oil prices, highlighting the inflation risk, led by Strait of Hormuz blockade. India Inc is in its last leg of Q1 earnings. The BSE Sensex dropped 388.19 points, or 0.49 per cent, to close at 78,154.25, while NSE's Nifty50 tumbled 112.10 points, or 0.46 per cent, to end at 24,471.70 for the day.

Select buzzing stocks like Multi Commodity Exchange of India Ltd, Thyrocare Technologies Ltd and Innova Captab Ltd are likely to remain under the spotlight of traders for the session today. Here is what Rajesh Palviya, Head of Research, Axis Direct has to say on them ahead of Wednesday's trading session:

Innova Captab | Buy | Target Price: Rs 1,080-1,120 | Stop Loss: Rs 995
Innova Captab is in a strong uptrend on the daily and weekly charts, forming a series of higher tops and bottoms. The stock is well placed above its 20, 50, 100 and 200-day SMAs. These averages are also inching up along with the price rise, which reconfirms the bullish trend. The daily 'Bollinger Band' buy signal shows increased momentum. The daily, weekly and monthly RSI is in favourable territory, indicating rising strength across all time frames. Investors should consider buying, holding, and accumulating this stock. Its expected upside is Rs 1,080-1,120, and its downside support zone is the Rs 1,010-980 levels.

Multi Commodity Exchange of India | Buy | Target Price: Rs 3,000-3,150 | Stop Loss: Rs 2,770
With the current close, MCX has decisively surpassed the past month's down-sloping trendline breakout at Rs 2,760 levels on a closing basis, accompanied by huge volumes. The stock has reclaimed the 20, 50 and 100-day SMAs and is sustaining above them, indicating bullish sentiments. The daily and weekly RSI is in favourable territory, indicating rising strength across all time frames. Investors should consider buying, holding, and accumulating this stock. Its expected upside is Rs 3,000-3,150, and its downside support zone is the Rs 2,800-2,740 levels.

Thyrocare Technologies | Buy | Target Price: Rs 680-750 | Stop Loss: Rs 615
Thyrocare is in a strong uptrend across all timeframes, forming a series of higher tops and bottoms, indicating bullish sentiment. The stock is well placed above its 20, 50, 100 and 200-day SMAs. These averages are also inching up along with the price rise, which reconfirms the bullish trend. The daily, weekly and monthly RSI is in favourable territory, indicating rising strength across all time frames. The daily and weekly 'Bollinger Band' buy signal shows increased momentum. Investors should consider buying, holding, and accumulating this stock. Its expected upside is Rs 680-750, and its downside support zone is the Rs 624-606 levels.