L&T, Apollo Tyres, Pidilite: How to trade these stocks amid Q4 result buzz?

Bulls were back at Dalal Street on Monday, thanks to a host of positive global developments. All-round buying was seen across sectors, which made advances to decline ratio in favour of the bulls. For the day, the 30-share pack BSE Sensex surged 709.96 points, or 1.16 per cent, to close at 61,764.25. The NSE Nifty rallied 195.40 points, or 1.08 per cent, to 18,264.40.

Select results-bound stocks across were on traders' radar including Larsen & Toubro, Apollo Tyres and Pidilite Industries. Here is what Vaishali Parekh, Vice President - Technical Research at Prabhudas Lilladher has to say on these stocks ahead of Tuesday's trading session:

Apollo Tyres | Buy in dips near Rs 350-360 | Stop Loss: Rs 340
Apollo Tyres is in a strong uptrend and has rallied almost 10 per cent from the breakout level of Rs 340. After a strong rally, some profit-taking cannot be ruled out, as the RSI is in the overbought zone. Any short-term correction near Rs 350–360 levels is a buying opportunity. Keep a stop loss at Rs 340.

Pidilite Industries | Buy | Target Price: Rs 2,650 | Stop Loss: Rs 2,350
Pidilite Industries has been in a gradual correction phase. After a recent rally, it has made a higher bottom formation pattern on the daily chart. We anticipate the stock to move strongly in the upward direction. The RSI has also indicated a trend reversal, signalling a buy. With decent volume participation, one can buy this stock for an upside target of Rs 2,650, keeping a stop loss at Rs 2,350.

Larsen & Toubro | Buy | Target Price: Rs 2,600 | Stop Loss: Rs 2,280
Larsen & Toubro has been in a trending mode. It has appreciated decently in the last 4-5 months but has been in a consolidation phase for some time. The RSI has indicated a positive trend reversal, indicating a ‘Buy’ signal. With good volume participation, one can ‘Buy’ this stock for an upside target of Rs 2,600 while keeping a stop loss at Rs 2,280.

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

Also read: Raymond, Apollo Tyres, Lupin, Nazara, Jaiprakash Power Ventures to share Q4 results today