Jindal Steel & Power, GAIL, Union Bank: Trading Strategies for these buzzing stocks

Domestic benchmark indices managed to settle slightly higher on Monday after giving up most intraday gains. The BSE Sensex, which scaled the 70,000-mark for the first time on Monday, added 102.93 points, or 0.15 per cent, to settle at 69,928.53. The NSE Nifty added 27.70 points, or 0.13 per cent, to end the day at 20,997.10.

A few stocks namely Union Bank of India Ltd, Jindal Steel & Power Ltd and GAIL (India) Ltd are likely to remain under the spotlight today. Here is what Kunal Shah, Senior technical and Derivative analyst at LKP Securities has to say on these stocks ahead of Tuesday's trading session:

Union Bank of India | Buy | Target Price: Rs 130-132 | Stop Loss: Rs 115
Union Bank displayed a promising uptrend, which is evident from the higher high and higher low formation on the daily chart. Sustaining above its short-term moving average and featuring a bullish crossover in the Relative Strength Index (RSI), the stock exhibited positive technical signals. One can initiate a long position at the current market price with a strict stop loss at Rs 115, with a target of Rs 132. The technical indicators suggest a favorable outlook for Union Bank's stock.
 
GAIL (India) | Buy | Target Price: Rs 149-152 | Stop Loss: Rs 134
GAIL (India) Ltd appears poised for a bullish trend, with a channel breakout. The stock is  trading above its long- and short-term moving averages. The Relative Strength Index (RSI) and True Strength Index (TSI) made bullish crossovers, reinforcing the positive momentum. One can consider initiating a long position in the Rs 139-141 range, maintaining a strict stop loss at Rs 134 (14-day moving average) for a potential upside target of Rs 152. The technical indicators suggest favorable conditions for a bullish market stance.

Jindal Steel & Power| Buy | Target Price: Rs 770-800 | Stop Loss: Rs 680
Jindal Steel has recently seen a robust breakout on the daily chart, accompanied by a significant surge in trading volumes. The stock is currently trading above its short-term moving averages, signifying a positive trend. The momentum indicator, RSI, is above the 60 level, confirming the presence of bullish momentum in the stock. A lower-end support is identified at Rs 680, providing a cushion for the bulls. The potential upside targets for Jindal Steel are set at Rs 770 and Rs 800.

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.

Also read: BHEL, PNB among likely MSCI inclusion candidates; Nykaa, Union Bank stocks in focus 

Also read: Stock recommendations by market analysts for December 12, 2023: Union Bank, West Coast Paper, GAIL and Jindal Steel