BSE, Chennai Petro, ABB India: How to trade these 3 buzzing stocks

Indian benchmark indices extended the rebound and posted decent gains on Tuesday, driven largely by bargain hunting. However, war-related uncertainties still persist. The BSE Sensex jumped 567.99 points, or 0.75 per cent, to close at 76,070.84, while NSE’s Nifty50 gained 172.35 points, or 0.74 per cent, to end at 23,581.15 for the day.

Select buzzing midcap banking stocks including BSE, Chennai Petroleum Corporation Ltd and ABB India Ltd are likely to remain under the spotlight of traders for the session today. Here is what Rajesh Palviya, Head of Research at Axis Securities has to say on them ahead of Wednesday’s trading session:
 

Chennai Petroleum Corporation | Buy | Target Price: Rs 1,150-1,200 | Stop Loss: Rs 970

Chennai Petro is in a strong trend, forming a series of higher tops and bottoms on the daily charts. The stock is well placed above its 20, 50, 100 and 200-day SMA. These averages are also inching up along with rising prices, which reconfirms a bullish trend. The weekly and monthly strength RSI is in positive territory, signalling rising strength. The daily ‘bollinger band’ buy signal indicates increased momentum. Rising volumes over the past three weeks signify increased participation. Investors should consider buying, holding, and accumulating this stock. Its expected upside is Rs 1,150-1,200, and its downside support zone is the Rs 990-950 levels.
 

BSE | Buy | Target Price: Rs 3,100-3,200 | Stop Loss: Rs 2,850

BSE Ltd confirmed an inverse head & shoulders formation breakout at the Rs 2,900 level, accompanied by huge volumes indicating positive bias. The daily ‘Bollinger Band’ buy signal indicates increased momentum. Additionally, the stock is well-placed above its 20, 50, 100, and 200-day SMAs, which reconfirms bullish sentiment. The daily and weekly strength RSI is in positive territory, signalling rising strength. Investors should consider buying, holding, and accumulating this stock. Its expected upside is Rs 3,100-3,200, and its downside support zone is the Rs 2,900-2,800 levels.
 

ABB India | Buy | Target Price: Rs 6,700-6,800 | Stop Loss: Rs 6,115

ABB India confirmed a ’rounding bottom’ formation breakout at the Rs 6,270 level on the weekly charts, accompanied by rising volumes that indicate bullish sentiment. The stock is well placed above its 20, 50,100 and 200-day SMA. These averages are also inching up along with rising prices, which reconfirms a bullish trend. The stock is well placed above its 20, 50,100 and 200-day SMA. These averages are also inching up along with rising prices, which reconfirms a bullish trend. The weekly and monthly strength RSI is in positive territory, signalling rising strength. Investors should consider buying, holding, and accumulating this stock. Its expected upside is Rs 6,700-6,800, and its downside support zone is the Rs 6,180-6,050 levels