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    Market Trading Guide: Grasim Industries among 4 stock recommendations for Tuesday

    By
    , ETMarkets.com|
    1/5

    Stock Ideas

    Amid mixed global cues, Indian equities ended Monday’s session on a positive note driven by index heavyweights. Sensex ended 127 points higher at 57,653, while Nifty settled below 17,000. Meanwhile, broader markets underperformed the headline indices, with Nifty Midcap 100 ending in the red.

    “Amid uncertain global environment, participants are not reacting positively to any intermediate uptick in world indices and now a fresh decline in the broader markets further adding to their worries. We thus recommend maintaining a check on leveraged positions and let the market stabilize,” said Ajit Mishra, VP - Technical Research, Religare Broking.

    Here are the stock recommendations for Tuesday

    IRCTC April Futures: Sell | CMP: Rs 582.60 | Stop Loss: Rs 594| Target: Rs 561
    2/5

    IRCTC April Futures: Sell | CMP: Rs 582.60 | Stop Loss: Rs 594| Target: Rs 561

    On the four hourly charts, the stock has given a ‘Descending triangle pattern’ breakdown with bearish candlestick. In addition, the stock has traded below the important near-term moving average. A momentum indicator RSI (14) is reading below 50 levels, which suggests a bearish move for the near term.

    (Ashish Katwa, Research Analyst, Bonanza Portfolio)

    ANI
    ​Grasim Industries: Buy | CMP: Rs 1,630.95 | Target: Rs 1,770 | Stop Loss: Rs 1,550
    3/5

    ​Grasim Industries: Buy | CMP: Rs 1,630.95 | Target: Rs 1,770 | Stop Loss: Rs 1,550

    After a long bearish trend, the price has taken support of a rising trend line and simultaneously, the stock has given a breakout of falling supply trend line with bullish candlestick, which indicates immediate support for the price. Prices have successfully closed above the previous swing high, which adds more strength to the price. Technical indicator Ichimoku cloud suggests that the price is trading above the Conversion & Baseline, which shows a bullish trend in the counter. The MACD indicator suggested a positive Crossover.

    (Ashish Katwa, Research Analyst, Bonanza Portfolio)

    ETMarkets.com
    Godrej Consumer Products: Buy at Rs 962 | Target: Rs 1,050 | Stop Loss: Rs 928
    4/5

    Godrej Consumer Products: Buy at Rs 962 | Target: Rs 1,050 | Stop Loss: Rs 928

    The stock has given a consolidation breakout on the daily chart, suggesting a rise in optimism. The price rise was backed by large volumes. The critical moving averages are sitting below the rising price. The momentum oscillator RSI is in bullish crossover. Over the short term, the stock is likely to move towards Rs 1,050. On the lower end, support lies at Rs 928.

    (Rupak De, Senior Technical Analyst at LKP Securities)

    iStock
    Lupin: Buy at Rs 660 |Target: Rs 700 | Stop Loss: Rs 640
    5/5

    Lupin: Buy at Rs 660 |Target: Rs 700 | Stop Loss: Rs 640

    The stock has witnessed a reversal from the oversold territory with a sharp surge in volumes. The stock is on the verge of a breakout from a downward-sloping parallel trendline. The momentum indicator RSI has given a bullish crossover, which confirms the strength of the stock. The lower-end support is visible at Rs 640, which will act as a cushion for the bulls and the upside targets could be Rs 680/700.

    (Rupak De, Senior Technical Analyst at LKP Securities)

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

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