NMDC, Indian Bank, West Coast Paper Mills: How should you trade these buzzing stocks

Domestic stock markets settled higher on Monday, bucking mixed global cues, thanks to buying in select heavyweight stocks. The BSE Sensex jumped 267.43 points, or 0.41 per cent, to settle at 65,216.09. The NSE's Nifty gained 83.45 points, or 0.43 per cent, to settle at 19,393.60.

Select stocks such as Indian Bank, NMDC and West Coast Paper Mills are likely to remain under the spotlight today. Here are a few stocks recommended by  Progressive Share Brokers  and Kunal Shah of  LKP Securities ahead of Tuesday's trading session:

NMDC | Buy | Target Price: Rs 123-125 | Stop Loss: Rs 115
NMDC is presently observing a broadening triangle pattern, implying a favorable bullish configuration. The stock sustained an uptrend, as seen by consistent higher high-lows on the daily chart. In the event of a downturn, the stock is anticipated to find support in the Rs 115-114 range, which may act as a buffer for the bulls. Upside targets for the stock stands at Rs 123 and Rs 125 levels.
 

Recommended by: Kunal Shah, Senior Technical and Derivative analyst at LKP Securities

West Coast Paper Mills | Buy | Target Price: Rs 656-744 | Stop Loss: Rs 465
West Coast Paper Mills has given a breakout from the symmetrical triangle formation. A long-term trendline breakout was spotted in the leading momentum indicator RSI. Trend following indicator MACD has given a positive crossover. A price breakout was confirmed with an uptick in the volumes. One can buy the stock at Rs 569 or up to Rs 553, with the closing stop loss of Rs 465 for a target of Rs 656-Rs 774, with a horizon of 3 to 6 months.

Recommended by: Progressive Share Brokers

Indian Bank | Buy | Target Price: Rs 425-430 | Stop Loss: Rs 407
After a notable breakout on the daily chart, Indian Bank has been undergoing a phase of consolidation within a limited price range. It has demonstrated the ability to maintain its position above the pivotal moving average, signifying a level of strength. The RSI indicator is displaying a bullish crossover, adding to the positive outlook. In terms of potential price movements, a support level is established at Rs 400 on the downside. On the upside, there is a possibility of the stock advancing towards the Rs 430 level and beyond.

Recommended by: Kunal Shah, Senior Technical and Derivative analyst at LKP Securities

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Business Today.)

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