Tata Power, JK Paper, Tinna Rubber: Top stocks to trade — Key levels, target prices & stop loss

Indian equity benchmark settled lower on Thursday as the global cues remained feeble led by geopolitical tension and elevated bond yields. However, select pockets saw buying. The BSE Sensex tanked 76,152.96 points, or 0.55 per cent, to close at 76,152.86, while NSE's Nifty50 declined 41 points, or 0.17 per cent, to end at 23,873.45 for the day.

Select buzzing stocks including Tata Power Company Ltd, JK Paper and Tinna Rubber and Infrastructure Ltd are likely to remain under the spotlight of traders for the session today. Here is what Canara Bank Securities and Choice Broking Research have to say on them ahead of Friday's trading session:

Tinna Rubber and Infrastructure | Buy at 1,21-1,153 | Target Price: Rs 983 | Stop Loss: Rs 368
Tinna Rubber stock has given a breakout from a downward sloping channel, also it took a retest from the breakout levels indicating positive momentum. Price has moved above all major moving averages, indicating improving momentum and strengthening trend structure. It is sustaining above the key Rs 1,055 breakout zone, and if this level holds on a closing basis, the next major resistance is likely around Rs 1,121, which also coincides with previous swing highs and psychological resistance. RSI is near the high zone around 52, reflecting strong momentum. Volume expansion during the breakout phase adds credibility to the move. On sustaining above Rs 1,121 can keep the momentum intact towards Rs 1,153 and potentially higher levels, while immediate support now shifts to Rs 1,029. We recommend to buy with short-term targets of Rs 1,121-1,153, and keep a stop-loss at Rs 983. 
Recommended By: Canara Bank Securities

Tata Power Company | Buy up to 360 | Target Price: Rs 398-428 | Stop Loss: Rs 340
Tata Power is showing positive technical structure on the weekly chart, with the stock taking major support near the weekly trend line. This trend line remains an important support zone for the ongoing recovery and could provide a strong base for further upside. Momentum remains supportive, with the weekly RSI placed at 43 and showing scope for improvement from lower levels. It is trading around an important support area, where sustained buying interest could lead to a gradual recovery. A strong hold above the weekly trend line and 200-week EMA would keep the broader structure favorable and could support a move towards higher levels in the coming sessions. It has the potential to move towards the first target of Rs 398, followed by the second target of Rs 428 in the coming period. On the downside, the Rs 340-343 zone remains important to watch, as holding this area would support the positive technical setup and improve the possibility of the stock continuing its recovery towards the stated targets.
Recommended By: Choice Broking Research

JK Paper | Buy at 395-400 | Target Price: Rs 421-434 | Stop Loss: Rs 368
JK Paper Ltd has given a breakout from a downward sloping channel, also it took a retest from the breakout levels indicating positive momentum. Price has moved above all major moving averages, indicating improving momentum and strengthening trend structure. The stock is sustaining above the key 407 breakout zone, and if this level holds on a closing basis, the next major resistance is likely around Rs 421, which also coincides with previous swing highs and psychological resistance. RSI is near the high zone around 56, reflecting strong momentum. Volume expansion during the breakout phase adds credibility to the move. On sustaining above Rs 421 can keep the momentum intact towards Rs 434 and potentially higher levels, while immediate support now shifts to Rs 391. We recommend to buy at current market price Rs 395 with short-term targets of Rs 421-434 , and keep a stop-loss at Rs 368. 
Recommended By: Canara Bank Securities