Indian Bank, Hyundai, Rallies India: 3 stocks to buy from Rajesh Palviya of Axis Securities

Indian benchmark indices settled lower on Tuesday following a volatile trading session amid mixed global cues. Tariffs concerns added to the caution ahead of key economic inflation data from the US on Tuesday. BSE Sensex tanked 368.48 points, or 0.46 per cent, to settle at 80,235.59, while NSE’s Nifty50 dropped 97.65 points, or 0.40 per cent, to close at 24,487.40 for the day.
 

Select buzzing stocks Rallies India, Hyundai Motor India and Indian Bank including are likely to remain under the spotlight of traders for the session today. Here is what Rajesh Palviya, SVP of Research at Axis Securities has to say about these stocks ahead of Wednesday’s trading session:
 

Indian Bank | Buy | Target Price: Rs 645 | Stop Loss: Rs 720

Indian Bank is in a strong uptrend, forming a series of higher tops and bottoms across all time frames, indicating a strong uptrend. In the past couple of sessions, the stock managed to break its earlier multiple resistance zones of 660 levels on a closing basis. This breakout is accompanied by huge volumes, indicating increased participation. The stock is well placed above its 20, 50,100 and 200-day SMA, which reconfirms a bullish trend, and these averages are also inching up along with the price rise, which reconfirms bullish sentiments. The daily, weekly and monthly strength indicator RSI indicates rising strength. The daily band bollinger buy signal signifies increased momentum.  Investors should consider buying, holding, and accumulating this stock. Its expected upside is Rs 700-730, and its downside support zone is the Rs 660-650 levels.
 

Rallies India | Buy | Target Price: Rs 420 | Stop Loss: Rs 345

Rallies India has been sustaining above its four-year multiple resistance zone of Rs 362 levels on a closing basis, since the past 4-5 weeks. Huge rising volumes on this breakout signify increased participation. Recently, the stock has also registered an all-time high of around 386, indicating bullish sentiments. The stock is well placed above its 20, 50,100 and 200-day SMA, which reconfirms a bullish trend, and these averages are also inching up along with the price rise, which reconfirms bullish sentiments. The weekly and monthly strength indicator RSI indicates rising strength. Investors should consider buying, holding, and accumulating this stock. Its expected upside is Rs 410-430, and its downside support zone is the Rs 355-345  levels.
 

Hyundai Motor India | Buy | Target Price: Rs 2,340 | Stop Loss: Rs 2,130
Hyundai Motor India is in a strong uptrend, forming a series of higher tops and bottoms across all time frames, indicating a strong uptrend. On the weekly chart, the stock is on the verge of a multiple resistance breakout at the Rs 2.210 levels. Any sustainable move above the same may result in an upward breakout. The stock is well placed above its 20, 50 and 100-day SMA, which reconfirms a bullish trend. The daily and weekly strength indicator RSI indicates rising strength  Investors should consider buying, holding, and accumulating this stock. Its expected upside is Rs 2,320-2,450, and its downside support zone is the Rs 2,160-2,125  levels.