Mazagon Dock, Affle India, JSW Infra, APL Apollo: Trading strategies for these 4 buzzing stocks
An analyst from Anand Rathi said that JSW Infra saw a major breakout above Rs 230 mark. It underwent a sharp rally towards Rs 275 and then it witnessed a correction to retest the breakout zone.
- May 21, 2024,
- Updated May 21, 2024 7:32 AM IST
Indian headline indices managed to post mild gains in the special trading session on Saturday after a dull trading session. Benchmark indices remained range-bound after the initial uptick. However, the mixed performance among major stocks limited the momentum. BSE Sensex rose 88.91 points, or 0.12 per cent to settle at 74,005.94. NSE's Nifty50 index gained 35.60 points, or 0.16 per cent, to end the session at 22,502. APL Apollo Tubes was basing out near its key support around Rs 1,575 over past few weeks and in recent trade the stock resolved from this basing pattern suggesting that positive momentum is returning in the stock. It has managed to close above its 200-day average. Historically the stock has witnessed sizable rally with price sustenance above 200 DMA. Bullish price action is validated by positive cross over of RSI above its 9-period average. Hence one can expect the stock price to gain further traction in the short term and head towards Rs 2,000 over next few weeks as it happens to be the 138.2 per cent extended retracement level of the November 2023-February 2024 declineRecommended By: Ashika Stock Broking
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.
Indian headline indices managed to post mild gains in the special trading session on Saturday after a dull trading session. Benchmark indices remained range-bound after the initial uptick. However, the mixed performance among major stocks limited the momentum. BSE Sensex rose 88.91 points, or 0.12 per cent to settle at 74,005.94. NSE's Nifty50 index gained 35.60 points, or 0.16 per cent, to end the session at 22,502. APL Apollo Tubes was basing out near its key support around Rs 1,575 over past few weeks and in recent trade the stock resolved from this basing pattern suggesting that positive momentum is returning in the stock. It has managed to close above its 200-day average. Historically the stock has witnessed sizable rally with price sustenance above 200 DMA. Bullish price action is validated by positive cross over of RSI above its 9-period average. Hence one can expect the stock price to gain further traction in the short term and head towards Rs 2,000 over next few weeks as it happens to be the 138.2 per cent extended retracement level of the November 2023-February 2024 declineRecommended By: Ashika Stock Broking
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.