Reliance, Vedanta Power, Welspun Living: Top stocks to trade — Check key levels, targets & stop loss

Indian equity benchmark indices kicked-off the note on a strong note, supported by strong quarterly earnings and positive domestic cues. Global indicators also eased as crude oil prices were on the backfoot over renewed diplomatic efforts. The BSE Sensex surged 1,233.25 points, or 1.66 per cent, to end at 75,692.78, while NSE's Nifty50 soared 387.70 points, or 1.68 per cent, to settle at 23,440.80 for the day.

Select buzzing stocks including Reliance Industries (RIL), Vedanta Power and Welspun Living (Welspun India Ltd) are likely to remain under the spotlight of traders for the session today. Here is what Jigar S Patel, Senior Technical Research Analysts at Anand Rathi Share & Stock Brokers Ltd has to say on them ahead of Tuesday's trading session:

Reliance Industries share target price
Reliance Industries Ltd has shown encouraging signs of a potential trend reversal, with a bullish divergence developing on the daily RSI, indicating improving underlying momentum. Adding to the positive setup, the stock has successfully taken out its major swing high of Rs 1,220, suggesting a shift in the near-term price structure in favour of buyers. Given the recent breakout, traders may consider accumulating the stock during corrective pullbacks rather than chasing prices at higher levels. The Rs 1,200–1,220 zone is expected to act as an important support area, and holding above this range will be crucial to sustaining the bullish momentum. On the upside, the stock may face resistance at Rs 1,300, followed by Rs 1,340 and Rs 1,360. Overall, the technical outlook remains positive.

Welspun Living share target price
Welspun Living is displaying a positive price structure, characterised by the formation of higher highs and higher lows, indicating that the stock is maintaining its bullish trend. This pattern suggests that buyers continue to dominate and buying interest is emerging at progressively higher levels. However, the stock is approaching an important resistance zone near Rs 244, where some profit booking cannot be ruled out. On the downside, Rs 220 remains a crucial support level, and sustaining above this zone will be important to preserve the positive price structure. Considering the proximity to resistance, traders are advised to avoid chasing the stock at current levels and wait for a fresh buying opportunity, preferably after a healthy pullback or a decisive breakout above Rs 244.

Vedanta Power share target price
Vedanta Power Ltd is approaching an important breakout zone near Rs 34.25. The stock needs to deliver a decisive closing above this level to confirm a breakout and indicate the possibility of fresh bullish momentum. Hence, traders are advised to wait for a sustained close above Rs 34.25 rather than anticipate the breakout. Once confirmed, the stock may move towards the immediate resistance of Rs 37.70. On the downside, Rs 33 remains an important support level, and holding above this zone will be crucial to maintaining the positive setup. Overall, the stock is on the verge of a potential breakout, but confirmation through price action is essential before considering fresh buying positions.