Market Trading Guide: IndusInd Bank, BHEL among 5 stock recommendations for Tuesday

The stock has recently experienced a breakout from a Rising Wedge pattern, signaling a potential bullish move. Furthermore, the formation of a Bullish Marubozu candlestick pattern adds strength to the upward momentum. In addition to the price action, the technical indicators are also supporting a positive outlook for BHEL.

The DMI+ is positioned above DMI-, confirming the presence of a positive trend, while the ADX trading above DMI- reflects the underlying strength in the ongoing move.

To further validate the bullish trend, the momentum indicator RSI is consistently trading in the upper range during the upside movement, providing additional support for the upward momentum.

(Kunal Kamble, Sr. Technical Analyst, Bonanza Portfolio)

The stock of Cochin Shipyard over the past 5 days has been trading within a range of Rs 650- 684. However, the recent closing price indicates a potential breakout, as it closed above the average of the past 9 days. Moreover, the technical indicators are supportive of a positive trend in the security. Additionally, the DMI+ trading above DMI- suggests a positive trend, and the ADX trading above DMI- indicates strength in the ongoing move, further supporting the notion of a potential upward movement. Furthermore, the momentum indicator RSI is currently trading in the upper range during the upside move.

(Kunal Kamble, Sr. Technical Analyst, Bonanza Portfolio)

The stock scaled a new 52 week high near to Rs 500 levels and witnessed sharp profit booking to close down by 5% in the previous trading session. The much awaited news flow of demerger is out and sharp decline post the news triggers a halt in the up move from current levels. RSI has also reversed from its higher range. We expect some retracement of the previous up move to test the medium-term average of Rs 450-440 levels over the next few weeks.

(Vikas Jain, Senior Research Analyst ,Reliance Securities)

The stock has closed at a 3-year high with higher bottoms and higher tops on its monthly charts. RSI is trading above the average line on monthly charts and we have witnessed strong volume expansion at lower levels.Any decline near the short term average of Rs 1,380-1,400 levels would be a good entry point. There is a minor resistance near Rs 1,600 levels, crossover of the same would give a strong breakout of Rs 1,750-1,800 over the next few months.

(Vikas Jain, Senior Research Analyst ,Reliance Securities)

The stock posted a strong up move of 18% on the back of its results, outperforming the broader markets. It has given a breakout on its monthly charts crossing its 34-month average at Rs 535 levels, which would act as strong support. One can hold the stock for a higher target of Rs 750 from current levels.

(Vikas Jain, Senior Research Analyst ,Reliance Securities)

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