Reliance Industries, IRCTC, Granules: Trading strategies for these 3 stocks

Reliance Industries, IRCTC, Granules: Trading strategies for these 3 stocks

Reliance Industries has a strong resistance near Rs 2,500 level. It would need a decisive breach above this level for further upward move.

Granules India made a higher bottom formation pattern on the daily chart. It is poised for further upside move. One can expect the stock it hit a level of Rs 336.
Pawan Kumar Nahar
  • Aug 29, 2023,
  • Updated Aug 29, 2023, 7:41 AM IST
  • Sensex and Nifty settled slightly higher on Monday amid RIL AGM.
  • Analyst at Prabhudas Lilladher recommended buy on IRCTC, Granules.
  • Reliance Industries shares may remain range-bound, the PL analyst said.

Domestic stock indices on Monday trimmed gains at the fag-end amid profit booking. The BSE Sensex gained 110.09 points, or 0.17 per cent, to settle at 64,996.60. The NSE Nifty rose 40.25 points, or 0.21 per cent, to end the day at 19,306.05. Select stocks namely Reliance Industries, Indian Railway Catering and Tourism Corporation (IRCTC) and Granules India are likely to be in the spotlight. Here is what Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher has to say on these stocks ahead of Tuesday's trading session:Reliance Industries | Range-bound| Resistance: Rs 2,500 | Support: Rs 2,400 Reliance Industries has a strong resistance  near Rs 2,500 level. It would need a decisive breach above this level for a further upward move. On the downside, RIL has a near-term support at around Rs 2,400. A decisive breach below that would turn the bias weak for the stock.Granules India | Buy | Target Price: Rs 336 | Stop Loss: Rs 290 Granules India made a higher bottom formation pattern on the daily chart and is poised for further upside move. One can expect the stock to hit Rs 336 level. Indicators look favourable for a recovery with potential to rise further in coming days. Given the recent decent activity, one can buy this stock for an upside target of Rs 336, keeping stop loss at Rs 290.Indian Railway Catering and Tourism Corporation | Buy | Target Price: Rs 750 | Stop Loss: Rs 655 IRCTC has been gradually moving in an uptrend after making the bottom at Rs 550 level. It has given a breakout above the previous peak. The stock has moved past its significant 50-EMA and 200-DMA levels,  The positive candle pattern on the daily chart signifies strength. The stock can move further up to Rs 750 level. The RSI has been positive, as is the MACD. With the rising volume participation, we recommend a buying  the stock for an upside target of Rs 750, keeping stop loss at Rs 655.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Business Today.)

 

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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