Tata Motors, Federal Bank, Alkem Labs: Trading Strategies for these buzzing stocks

Domestic equity markets snapped the seven-session winning streak led by profit booking triggered by the weak global cues. Benchmark indices settled lower amid volatility ahead of RBI's monetary policy. BSE's Sensex declined 132.04 points, or 0.19 per cent, to end at 69,521.69. NSE's Nifty50 slipped 36.55 points, or 0.17 per cent, to end the day at 20,901.15.

Some well known and buzzing metal stocks of Dalal Street namely Tata Motors Ltd, Federal Bank Ltd and Alkem Laboratories Ltd are likely to remain under the spotlight of traders for the session today. Here is what various analysts have to say on these stocks ahead of Friday's trading session:

Tata Motors | Buy | Target Price: Rs 740-750 | Stop Loss: Rs 712
Tata Motors has traded sideways, leading to an accumulation phase, post offering a breakout in the range of Rs 720-718. A trigger move over Rs 728 will result in an aggressive move towards the Rs 740 and Rs 750 levels. The support for the bias exists at Rs 712. A medium-term assessment clearly detonates an uptrend which could see higher levels in coming sessions.
Recommended by: Avdhut Bagkar, Derivatives & Technical Analyst at StoxBox

Federal Bank | Buy | Target Price: Rs 178 | Stop Loss: Rs 149
Federal Bank has been trading in a steady uptrend from past more than two years and currently trading near life high levels. It has registered a breakout from the basing pattern which has formed at its 20 WEMA and around its previous consolidation breakout zone which indicates bullish tone to continue. Traders can consider accumulating fresh in the mentioned range. One can buy the stock in the 155-158 range with a target price of Rs 178 and a stop loss at Rs 149.
Recommended by: Religare Broking

Alkem Laboratories | Hold | Target Price: Rs 4,850-4,890 | Stop Loss: Rs 4,840
Alkem Labs has climbed over three per cent in Thursday's session, venturing into new uncharted territories with aggressive volume structure. This momentum is poised to reach Rs 4,850-4,890 levels in the next two sessions. Support exists in the range of Rs 4,850-4,840 levels. Every new high is gathering traction with a high level of participation, which is adding strength to the momentum.
Recommended by: Avdhut Bagkar, Derivatives & Technical Analyst at StoxBox

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:Top stocks to watch on December 8, 2023: HUL, Focus Lighting, REC, IRCON, Wheels India and more