JSW Energy, Indus Towers, IB Housing, Godrej Properties: Trading strategies for these buzzing stocks

JSW Energy, Indus Towers, IB Housing, Godrej Properties: Trading strategies for these buzzing stocks

Domestic equity indices settled higher on Tuesday amid buying in IT and consumer durable counters. The 30-share pack BSE Sensex surged 305.09 points, or 0.42 per cent, to 73,095.22. The NSE Nifty index jumped 76.30 points, or 0.34 per cent, to end at 22,198.35.

A few stocks such as Indiabulls Housing Finance Ltd, Godrej Properties Ltd, JSW Energy Ltd and Indus Towers Ltd are likely to remain under the spotlight. Here is what analysts at Axis Securities has to say on these stocks ahead of Wednesday’s trading session:

Indiabulls Housing Finance | Buy | Target Price: Rs 238-246 | Stop Loss: Rs 187

Indiabulls Housing has breached a ‘consolidation’ zone of Rs 202-160 on the weekly chart, suggesting a continuation of the medium-term uptrend. The previous resistance level of Rs 202 is expected to now act as support due to the principle of polarity, providing a support zone for the stock’s price movement. A closing above the upper Bollinger Band on the daily chart has generated a ‘Buy’ signal in the short term. The weekly strength indicator RSI, having given a crossover above its reference line, also generated a ‘Buy’ signal. The above analysis indicates an upside towards the Rs 238-246 levels.

Godrej Properties | Buy | Target Price: Rs 2,750-2,830 | Stop Loss: Rs 2,265

Godrej Properties has breached the small consolidation zone of Rs 2,400-2,170 on the weekly chart, suggesting a continuation of the medium-term uptrend. The stock is trending within an upward sloping channel. It recently found support at the lower band of that channel and is now heading towards the upper band. The stock is holding above key averages of 20-, 50-, 100- and 200-day simple moving average (SMA), signaling a strong uptrend in the stock. The weekly strength indicator RSI, having given a crossover above its reference line, generated a ‘Buy’ signal. The above analysis indicates an upside potential towards the Rs 2,750-2,830 range.

JSW Energy | Buy | Target Price: Rs 558-573 | Stop Loss: Rs 474

JSW Energy exhibits a bullish breakout above the Symmetrical Triangular pattern at Rs 505 on the daily chart, indicating the potential continuation of a medium-term uptrend. Volume activity declined during the pattern formation; however, there was an increase in volume at the breakout, indicating heightened market participation. The stock is maintaining its position above the 38 per cent Fibonacci Retracement level of the rally from Rs 397-516, establishing a short-term support base of around Rs 472. The daily strength indicator RSI, having given a crossover above its reference line, generated a ‘Buy’ signal. The above analysis indicates an upside potential towards the Rs 558-573 range.

Indus Towers | Buy | Target Price: Rs 275-285 | Stop Loss: Rs 216

Indus Towers breached a multiple resistance zone around Rs 230 level on the weekly chart, signaling a continuation of the medium-term uptrend. The Increased volume activity at the breakout suggests an influx of market participation. The stock is exhibiting a pattern of higher high-low formations on the weekly chart and is holding above the medium-term upward-sloping trendline, signaling a medium-term uptrend. 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 potential towards the Rs 275-285 range.

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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