Punjab National Bank, FACT, JK Lakshmi Cement: Trading strategies for these buzzing stocks

Domestic stock market and posted hefty gains on Monday, thanks to strong buying in the index heavyweights and positive sentiment globally. The BSE Sensex surged 1,240.90 points, or 1.76 per cent, to settle at 71,941.57. The NSE Nifty rallied 385 points, or 1.8 per cent, to 21,737.60.

A few stocks namely Punjab National Bank (PNB), JK Lakshmi Cement Ltd and Fertilizers and Chemicals Travancore Ltd (FACT) are likely to be in focus today. Here is what Axis Securities has to say on these stocks ahead of Tuesday's trading session:
 
Fertilizers and Chemicals Travancore | Buy | Target Price: 1,020-1,055 | Rs Stop Loss: Rs 799
FACT breached an 'ascending triangular' pattern at Rs 865 level, indicating the initiation of an uptrend following a period of consolidation on the weekly chart. The stock is exhibiting a pattern of higher high-low formations on the weekly chart, signaling a medium-term uptrend. A closing above the upper Bollinger Band on the daily chart generated ‘Buy’ signal on the counter, indicating a positive momentum on a shorter time frame. The weekly strength indicator RSI is in a bullish mode and is holding above its reference line, indicating a positive bias. The above analysis indicates an upside for the stock towards Rs 1,020-1,055 levels.

JK Lakshmi Cement | Buy | Target Price: 1,080-1,130 | Rs Stop Loss: Rs 826
JK Lakshmi Cement broke above its 'multiple resistance' zone at Rs 915 level, signaling a continuation of the medium-term uptrend on the weekly chart. An increase in volume activity at the breakout suggests an influx of market participation, emphasising the significance of the price movement. The stock is maintaining its position above the 38 per cent Fibonacci Retracement level of the rally from Rs 628 to Rs 916 levels, establishing a medium-term support base around the Rs 810 level. The weekly strength indicator RSI has given a crossover above its reference line and generated a ‘Buy’ signal. The analysis indicates an upside for the stock towards Rs 1,080-1,130 levels.

Punjab National Bank | Buy | Target Price: 1,020-1,055 | Rs Stop Loss: Rs 799
PNB has broken out of its 'multi-year resistance' zone at Rs 99 with a bullish candle, signaling the continuation of a medium term uptrend on the weekly chart. The stock has already broken above the resistance at Rs 99 on the weekly chart and is expected to confirm this on the monthly chart, indicating a continuation of the uptrend. It is trending in rising channel formation. Recently, the stock took a support at lower band of the channel and is heading towards upper band of channel. The weekly strength indicator RSI is in a bullish mode and is holding above its reference line indicating a positive bias  The above analysis indicates an upside for the stock towards Rs 121-125 levels.
 

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

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