SAIL, J&K Bank, Hindustan Aeronautics: Trading Strategies for these buzzing stocks

Domestic stock indices jumped to hit fresh all-time closing highs on Thursday on hopes of Fed rate cuts in 2024. The BSE Sensex surged 929.60 points, or 1.34 per cent, to settle at 70,514.20. The NSE Nifty rallied 246.30 points, or 1.18 per cent, to end the day at 21,172.65.

A few stocks namely Steel Authority of India Ltd, Jammu & Kashmir Bank Ltd (J&K Bank) and Hindustan Aeronautic Ltd are likely to be in focus today. Here is what Avdhut Bagkar, Derivatives & Technical Analyst at StoxBox has to say on these stocks ahead of Friday's trading session:

Steel Authority of India | Buy | Target Price: Rs 120-135 | Stop Loss: Rs 100
SAIL has seen a fresh upside amid robust volumes in the short term. The stock, after clocking a fresh 52-week high, is headed towards Rs 120 to Rs 135 levels. Only a fall below Rs 100 could alter the positive bias, as per the technical setup. Despite the price action staying in the overbought category, as suggested by RSI, the momentum has not weakened, implying that the underlying trend is supportive of bulls.

Jammu and Kashmir Bank | Hold | Target Price: Rs 160 | Stop Loss: Rs 120
J&K Bank has resolutely conquered the hurdle of Rs 120 level, with aggressive volumes. This structure denotes a positive bias for the stock, with price action headed towards Rs 160-170 range. The support of 50-simple moving average (SMA) should assist the stock to rally further. The weekly chart portrays a breakout of 'Ascending Triangle'.

Hindustan Aeronautics | Range-bound | Resistance: Rs 3,200 | Support: Rs 2,400
The broader outlook for Hindustan Aeronautics shares continues to remain optimistic and any weakness should be utilised for accumulation. The immediate support falls at the Rs 2,600-mark, followed by the Rs 2,400 level. The stock is headed towards the uncharted territory of Rs 3,200.

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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