Indian benchmark kicked off the week on the positive note as the headline indices managed to post mild gains on Monday amid mixed domestic and global cues ahead of the upcoming Union Budget. BSE Sensex jumped 131.18 points, or 0.17 per cent to settle at 77,341.08. NSE's Nifty50 index gained 36.75 points, or 0.16 per cent, to end the session at 23,537.85.
Some buzzing stocks namely Kalyan Jewellers India Ltd, Ramkrishna Forgings Ltd, Elgi Equipments Ltd and RailTel Corporation of India Ltd are likely to remain under the spotlight of traders for the session today. Here is what Analysts at Axis Securities has to say on these stocks ahead of Tuesday's trading session:
Railtel Corporation of India | Buy | Target Price: Rs 535-550 | Stop Loss: Rs 423
Railtel has demonstrated a breakout above the Rs 465-340 consolidation zone on the weekly chart, indicating the continuation of the medium-term uptrend. During the pattern formation, volume activity tended to decline, while at the breakout, there was an increase in activity, indicating heightened market participation. The stock took support at the 38 per cent Fibonacci retracement level of a rally from Rs 96 to 496, positioned at Rs 337, 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 to Rs 535-550 levels.
Ramkrishna Forgings | Buy | Target Price: Rs 965-1000 | Stop Loss: Rs 780
RK Forgings has demonstrated a breakout above nine months of consolidation between Rs 815-600 levels on the weekly chart, indicating the continuation of the medium-term uptrend. The volume activity increased at the breakout, indicating an influx of market participation at the breakout level. The stock closed above the weekly upper Bollinger Band, generating a medium-term buy signal. The weekly strength indicator RSI has broken above a downward sloping trendline, hence generating a buy signal. The above analysis indicates an upside to Rs 965-1000 levels.
Elgi Equipments | Buy | Target Price: Rs 788-820 | Stop Loss: Rs 675
Elgi Equipments 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 has broken out above a brief consolidation range of Rs 710-580 levels on the weekly chart, indicating the continuation of the medium-term 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 strength indicator RSI has given a crossover above its reference line, indicating an uptrend. The above analysis indicates an upside to Rs 788-820 levels.
Kalyan Jewellers India | Buy | Target Price: Rs 492-510 | Stop Loss: Rs 400
Kalyan Jewellers has exhibited a breakout above a nine-month consolidation range of Rs 440-340 levels on the weekly chart, signaling a positive bias. The stock is trending in a higher high-low pattern on the weekly chart, indicating a medium-term uptrend. It found support at the 20-week SMA and bounced back, which will serve as a short term support moving forward. The weekly RSI strength indicator has crossed above its reference line and broken through the falling channel, generating a buy signal. The above analysis indicates an upside to Rs 492-510 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.