Tata Steel, Havells , Jamna Auto, Triveni Turbine: Trading strategies for these buzzing stocks

Domestic stock indices settled marginally higher on Monday after a volatile trading session. Buying in financials and oil & gas stock was offset by selling in IT, auto and FMCG counters. The BSE Sensex rose 66.14 points, or 0.09 per cent, to settle at 73,872.29. The NSE Nifty gained 27.20 points, or 0.12 per cent, to end the session 22,405.60.

A few stocks namely Tata Steel Ltd, Jamna Auto Industries Ltd, Havells India Ltd and Triveni Turbine Ltd are likely to remain in focus today. Here is what analysts at Axis Securities has to say on these stocks ahead of Monday's trading session:

Jamna Auto Industries | Buy | Target Price: 151-163 | Stop Loss: Rs 122
Jamna Auto exhibited a bullish breakout above the symmetrical triangular pattern at Rs 125 on the weekly chart, indicating the potential continuation of a medium-term uptrend after two years of consolidation. The increased volume activity at the breakout suggests an influx of market participation. The stock closing above the upper Bollinger Band on the weekly chart has generated a ‘buy’ signal. The weekly strength indicator RSI is in a bullish mode and is holding above its reference line, indicating a positive bias. The above analysis indicates the stock can move towards Rs 151-163 levels.

Triveni Turbine | Buy | Target Price: 605-650 | Stop Loss: Rs 455
Triveni Turbine demonstrated a bullish breakout above the 'Pennants' pattern at Rs 474 on the weekly chart, signaling the potential continuation of a post-consolidation rally. The stock has broken out of a medium-term consolidation phase of Rs 440-340, suggesting the initiation of an uptrend. The stock is holding above key averages of 20-, 50-, 100- and 200-day simple moving average (SMA), signaling a strong uptrend in the stock. The weekly strength indicator RSI is in a bullish mode and is holding above its reference line indicating a positive bias. The above analysis indicates the stock can move towards Rs 605-630 levels.

Havells India | Buy | Target Price: 1,685-1,765 | Stop Loss: Rs 1,470
Havells has breached a two-and-a-half-year consolidation zone between Rs 1,500-1,050 on the weekly charts, with a strong bullish candle indicating the initiation of an uptrend following the breakout from consolidation. The volume activity declined during pattern formation; however, there was an increase in volume at the breakout, indicating heightened market participation. The stock is exhibiting a pattern of higher high-low formations on the weekly chart and holding above upward sloping trendline, signaling positive bias. The weekly strength indicator RSI given a crossover above its reference line generated a buy signal. The above analysis indicates an upside towards the levels of Rs 1,685-1,765.

Tata Steel | Buy | Target Price: 167-177 | Stop Loss: Rs 143
Tata Steel has breached the multi-year resistance around Rs 150 level on the weekly chart, suggesting a continuation of the medium-term uptrend. The previous resistance level of Rs 150 is anticipated to now serve as support, adhering to the principle of polarity, thereby establishing a supportive zone for the stock's price action. The stock is trending within an upward sloping channel, recently finding support at the lower band and now heading towards the upper band. The weekly Relative Strength Index (RSI) is in bullish mode, maintaining above an upward sloping trendline, supporting the upward price action. The above analysis indicates an upside towards the levels of Rs 167-177.

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.