Reliance Industries, M&M, Navin Fluorine: How should you trade these buzzing stocks?

Domestic stock indices hit record highs and settled Friday’s session with big gains, thanks to positive global cues. The BSE Sensex settled the session at 64,718.56, up 803.14 points, or 1.26 per cent, The NSE Nifty surged 216.95 points, or 1.14 per cent, to 19,189.05.

Select stocks such as Reliance Industries, Mahindra & Mahindra (M&M) and Navin Fluorine International could be in the limelight today. Here is what Mileen Vasudeo, Senior Technical Analyst at Arihant Capital Markets has to say on these three stocks ahead of Monday's trading session:

Navin Fluorine International | Hold | Target Price: Rs 4,715-4,820 | Stop Loss: Rs 4,380
On the daily chart, Navin Fluorine International made a lower top-lower bottom formation, which is a sign of weakness. The stock is trading close to its 200-day SMA (Rs 4,384). If the stock holds the mentioned level (Rs 4,384), it is likely to resume its upward momentum. At present, the stock is underperforming the benchmark index. One can hold the stock at the current level of Rs 4,495, with a stop loss of Rs 4,380, for a target of Rs 4,715-4,820 levels in the next couple of weeks.

Reliance Industries | Buy| Target Price: Rs 2,719-2,800 | Stop Loss: Rs 2,470
Reliance Industries is making a rounding base accumulation pattern on the weekly chart, which is a sign of strength. At present, the stock is trading well above its 10- and 20-day SMAs. Further, the RSI is positively poised. Combining all these parameters, it seems that the momentum on the upside is likely to continue. One can buy the stock at Rs 2,553, with a stop loss of Rs 2,470, for a target of Rs 2,719-2,800 levels in the next couple of months.

Mahindra & Mahindra | Buy | Target Price: Rs 1,516-1,546 | Stop Loss: Rs 1,426
Mahindra & Mahindra has shown a W-pattern breakout with higher volumes on the daily chart. The stock is outperforming the benchmark indices. Even the momentum indicator, viz, the RSI, is gaining momentum. Combining these parameters, it is evident that the stock is likely to continue its upside momentum. Hence, one can buy the stock at current levels Rs 1,456, with a stop loss of Rs 1,426, for a target of Rs 1,516-1,546 levels in the next couple of weeks.


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

Also read: Stocks to watch on July 3, 2023: HDFC Bank, Tata Motors, Balaji Amines, Maruti Suzuki, Geojit Financial, and more

Also read: Tata Motors shares in focus today post June sales show

Also read: GIFT Nifty trading hours and other things you should know