IndusInd Bank, LTIMindTree, Jindal Stainless: Trading strategies for these buzzing stocks

Domestic stock indices snapped the five-day winning run and settled lower on Tuesday on the back of muted global cues and profit booking at Dalal Street. The BSE Sensex dropped 199.17 points, or 0.27 per cent, to settle at 73,128.77. The NSE Nifty declined 65.15 points, or 0.29 per cent, to end the day at 22,032.30.

A few largecap stocks of Dalal Street namely LTIMindTree Ltd, Jindal Stainless Ltd (JSL) and IndusInd Bank Ltd are likely to be focus today. Here is what Pravesh Gour, Senior Technical Analyst at Swastika Investmart has to say on these stocks ahead of Wednesday's trading session:

LTIMindTree | Buy | Target Price: Rs 6,500-7,000 | Stop Loss: Rs 5,800
LTIMindTree is in a bullish momentum and forming higher high-lows on the longer timeframe. To continue this momentum, the previous swing high of around Rs 6,500 will pose as an immediate resistance level. Above this, we can expect a Rs 7,000 level in the near term. On the downside, the previous breakout level of Rs 6,000 is a critical support level. The level of Rs 5,800 is a strong demand zone. Momentum indicators are positively poised to support the current strength of the trend.

IndusInd Bank | Buy | Target Price: Rs 1,800-1,900 | Stop Loss: Rs 1,550
IndusInd Bank is currently in a traditional uptrend, following an upward-sloping channel on the daily chart. The overall structure appears highly attractive, as the stock is staying above 100- and 200-SMA moving averages, with a well-defined demand zone near the Rs 1,600 level. Looking ahead, the Rs 1,800 level represents a significant resistance point and a breakthrough could lead to a potential upswing towards levels exceeding Rs 1,900 in the near term. Conversely, on the downside, the Rs 1,550 level holds importance as a crucial support level, providing a solid foundation in case of any correction.

Also read: Stock recommendations by analysts for January 17, 2024: AB Capital, Cipla and UBL

Jindal Stainless | Buy | Target Price: Rs 650-700 | Stop Loss: Rs 580
Jindal Stainless experienced a breakout from a Cup and Handle formation on the daily chart but subsequently underwent a significant correction, testing its previous breakout level of Rs 585. Currently, it is initiating the next phase of a rally, with Rs 650 serving as a crucial psychological milestone. A successful breach above this level is anticipated to lead to further upward momentum and a target of Rs 700 level is visible. In terms of support, the Rs 580 level is identified as a key level, providing substantial backing in an event of any correction.

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.

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