Tata Steel, SRF, Deepak Fertilisers: Trading strategies for these buzzing Jhunjhunwala stocks

Benchmark indices snapped three-day losing streak to settle higher on Tuesday amid supportive global cues. But traders were on the tenterhooks ahead of the US Fed Chair Jerome Powell's speech due later this week. Sensex jumped 261.16 points, or 0.39 per cent, to end at 66,428.09. The NSE Nifty50 gained 79.75 points, or 0.40 per cent, close at at 19,811.50.

Some buzzing stocks of Dalal Street namely Deepak Fertilisers & Petrochemicals Corporation, SRF and Tata Steel are likely to remain under the spotlight of traders for the session today. Here is what brokerage firms like Religare Broking and Prabhudas Lilladher has to say on these stocks ahead of Wednesday's trading session:

Deepak Fertilisers & Petrochemicals Corporation | Buy | Target Price: Rs 760 | Stop Loss: Rs 645
Deepak Fertilisers has ended an eight-month long consolidation phase with noticeable surge in volumes. The base formation above the support zone of major averages combined with the recent buoyancy in agri chemical space is further adding to the positivity. One can create fresh longs in the mentioned zone of Rs 680-684 with a target price of Rs 760 and a stop loss of Rs 645.
Recommended by: Religare Broking

SRF | Buy | Target Price: Rs 2,480 | Stop Loss: Rs 2,190
SRF, after a short correction, has consolidated well maintaining the support near Rs 2,190 zone with currently showing signs of improvement and anticipated for further rise in the coming days. The RSI has picked up from the oversold zone and is well placed currently indicating a buy signal as of now. With the chart looking good, one can accumulate the stock for an upside target of Rs 2,480 keeping the stop loss of Rs 2,190.
 

Recommended by: Prabhudas Lilladher

Tata Steel | Buy | Target Price: Rs 140 | Stop Loss: Rs 122
In line with other metal majors, Tata Steel has formed a fresh buying pivot after marginal retracement from its recent high. This dip is an opportunity for those who missed the chance earlier. One can expect a steady rebound from hereon. One can buy the stock in the range of Rs 127.50-128.50 with a target price of Rs 140 and a stop loss of Rs 122.
Recommended by: Religare Broking


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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