Reliance, Apollo Tyres, Solara Active Pharma, Affle: Trading strategies for these 4 buzzing stocks
Reliance, Apollo Tyres, Solara Active Pharma, Affle: Trading strategies for these 4 buzzing stocks
Indian benchmark indices kicked off the weak on a strong note on the back of buying in IT and baking counters. The upward movement was supported by the optimism over the rate cuts by the US Fed in September. BSE Sensex surged 443.46 points, or 0.56 per cent to end at 79,476.19. NSE's Nifty50 index rallied 131.55 points, or 0.55 per cent, to settle at 24,141.95 for the day.
Some buzzing stocks namely Reliance Industries Ltd, Apollo Tyres Ltd, Solara Active Pharma Sciences Ltd and Affle India Ltd are likely to remain under the spotlight of traders for the session today. Here is what analysts at Axis Securities have to say on these stocks ahead of Tuesday's trading session:
Reliance Industries | Buy | Target Price: Rs 3,240-3,330 | Stop Loss: Rs 2,985
Reliance Industries has demonstrated a breakout above the Rs 3,035-2,725 consolidation zone on the weekly chart, indicating the continuation of the medium-term uptrend. The volume activity increased at the breakout, indicating a surge in market participation at that level. The stock took support at the 38 per cent Fibonacci retracement level of a rally from Rs 2,220 to 3,025, positioned at Rs 2,725, confirming a medium-term support base. The weekly strength indicator RSI has given a crossover above its reference line, generating a buy signal. The above analysis indicates an upside of Rs 3,240-3,330 levels.
Solara Active Pharma Sciences | Buy | Target Price: Rs 600-625 | Stop Loss: Rs 480
Solara Active has demonstrated a breakout above the rounded bottom pattern at Rs 507 levels with a strong bullish candle on the weekly chart, indicating a positive bias. The stock is trending in a higher high low pattern on the daily chart, indicating an uptrend in the short term as well. The stock closed above the weekly upper Bollinger Band, generating a medium-term buy signal. The weekly strength indicator RSI has broken above the downward sloping trendline, generating a buy signal. The above analysis indicates an upside of Rs 600-625 levels.
Apollo Tyres | Buy | Target Price: Rs 574-595 | Stop Loss: Rs 508
Apollo Tyres is displaying a bullish trend on the weekly chart, characterized by higher highs and higher lows, supported by an upward rising channel. Recently, it took support at the lower band and is now heading towards the upper band. The stock forms a descending triangular pattern within a channel formation and experiences a breakout at the Rs 500 level, indicating a continuation of the uptrend. It is positioned above key short and medium-term moving averages of 20, 50, 100, and 200 days, indicating a positive bias. The weekly RSI strength indicator has crossed above its reference line and broken through the downward sloping trendline, generating a buy signal. The above analysis indicates an upside of Rs 574-595 levels.
Affle (India) | Buy | Target Price: Rs 1,460-1,500 | Stop Loss: Rs 1,230
Affle has exhibited a breakout above a two-and-a-half-year symmetrical triangle pattern at the Rs 1,308 level on the weekly chart, signaling the onset of an uptrend. During the pattern formation, volume activity tended to decline, while at the breakout, there was an increase in activity, indicating an influx of market participation. The stock closed above the weekly upper Bollinger Band, generating a medium-term buy signal. The weekly strength indicator RSI has given a crossover above its reference line, generating a buy signal. The above analysis indicates an upside of Rs 1,460-1,500 levels
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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