Some of the popular stocks that traders are likely to watch in today’s session include Suzlon Energy Ltd., Tata Steel Ltd. and Bajaj Finance Ltd. Here is what Jigar S Patel, Senior Manager – Technical Research Analyst, Anand Rathi Shares & Stock Brokers has to say about these stocks ahead of Tuesday’s trading session:
Suzlon Energy
Buy
Target Price: Rs 90
Stop Loss: 71 Rs
Suzlon’s stock chart is showing promising signs on the daily scale, indicating strong upward momentum. However, caution is a word as the stock is currently trading well above its 21, 50, 100 and 200 DMA. Going forward, the immediate support zone is identified between Rs 78-77, which could act as a solid entry point for those taking long positions.
Tata Steel
Buy
Target Price: Rs 165
Stop Loss: Rs 147.5
The chart of Tata Steel is showing signs of reversal from a downtrend. Given these signals, a long position is recommended in the price range of Rs 152-155, with an upside target of Rs 165. To manage the risk, it is advisable to set a stop-loss at Rs 147.5.
Bajaj Finance
Avoid
Support
Rs 7,200
A bearish engulfing pattern has formed on the daily chart of Bajaj Finance, a strong reversal signal. Additionally, there is a bearish divergence on the daily RSI, where the RSI starts declining while the price continues to rise. It is prudent to avoid creating long positions in Bajaj Finance until the crucial support level of Rs 7,200 is tested and stabilized, as a break below this level could signal further declines.
(We will not be responsible for any loss. Take any decision after consulting your advisor)