Buy Reliance Industries, Gujarat Gas and Amara Raja Energy shares, says LKP Securities

Amid the rising volatility in the Indian stock markets around record high levels in the last few sessions, Rupak De, Senior Technical Analyst at LKP Securities, a domestic brokerage firm has shared three stocks- Reliance Industries Ltd (RIL), Amara Raja Energy & Mobility Ltd and Gujarat Gas Ltd- from a trading point of view. The analyst has suggested to long all the three counters. Here's what the analyst has to say about these counters:

Reliance Industries | Buy | Target Price: Rs 3,150-3,300 | Stop Loss: Rs 2,949

Reliance Industries has risen above the falling trend line, indicating a potential short-term bullish reversal. Additionally, the recent price rally began after finding support around the recent swing low, further strengthening the case for a bullish reversal. On a broader scale, the stock has been trading within an upward-sloping channel, and it appears to be heading toward the upper band of this channel. In the short term, the stock could rise toward Rs 3,300. Support is visible at Rs 2,949, on a closing basis, and a break below this level could cause the rally to lose momentum.

Amara Raja Energy & Mobility | Buy | Target Price: Rs 1,455-1,500 | Stop Loss: Rs 1,314

Amara Raja Energy (Amara Raja Batteries Ltd) found support at an earlier swing low before the latest price rise. Additionally, it has formed a bullish engulfing pattern, a classic bullish reversal candlestick pattern. The RSI has also made a bullish crossover near the oversold zone, further supporting the potential for an upward move. In the short term, the stock could rise toward Rs 1,500. Support is visible at Rs 1,314, on a closing basis, and a break below this level could cause the rally to lose momentum.

Gujarat Gas | Buy | Target Price: Rs 630-650 | Stop Loss: Rs 594

Gujarat Gas has been forming higher lows on the daily chart, indicating a bullish setup. Additionally, it has sustained above a critical moving average in the daily timeframe. In the short term, the stock could rise further towards Rs 650. Support is visible at Rs 594, on a closing basis, and a break below this level could weaken the upward momentum.