Trade Spotlight: Castrol, Zomato, PNB; key stocks to watch on Monday
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The market may stay rangebound in the short term, but the overall trend remains bullish. Here are some trading ideas for the upcoming sessions:
Top Buy Ideas:
Castrol India | CMP: Rs 222.37
Castrol has corrected from Rs 284 to the 200-day moving average but has gained traction in recent weeks. It recently surpassed its recent swing high with rising volumes. The MACD indicator shows a bullish reversal. A good entry point is around Rs 220-215.
Target: Rs 248-250
Stop-Loss: Rs 200
Jindal Stainless | CMP: Rs 741.6
Jindal Stainless surged over 8% last week, climbing above the 50% Fibonacci retracement level. It remains above key moving averages and shows a 'Double Bottom' formation. Buy around Rs 740-735.
Target: Rs 790
Stop-Loss: Rs 710
Punjab National Bank (PNB) | CMP: Rs 111.1
PNB has shown strong gains after a breakout from a bearish cycle and is above its short-term moving averages. A positive RSI crossover and a ‘Double Bottom’ breakout suggest an upward trend. Buy around Rs 108-106.
Target: Rs 118-122
Stop-Loss: Rs 100
Indian Railway Finance Corporation (IRFC) | CMP: Rs 158
IRFC has seen a breakout above Rs 156 with increased volume, supported by positive momentum from its moving averages and RSI indicators. The stock is expected to reach Rs 170-185.
Target: Rs 170-185
Stop-Loss: Rs 150
Zomato | CMP: Rs 303
Zomato confirmed a breakout above Rs 298 with rising volumes and is positioned well above its moving averages. RSI indicators show strength across all time frames, supporting a bullish outlook. Buy around Rs 298-303.
Target: Rs 337-355
Stop-Loss: Rs 288
EMS | CMP: Rs 893.6
EMS has shown a breakout with significant volume, indicating strong momentum. A move above Rs 890 could lead to further gains towards Rs 1,050.
Target: Rs 1,050
Stop-Loss: Rs 840
Other Notable Stocks:
ASK Automotive is showing strong institutional interest with a possible breakout above Rs 480, targeting Rs 600.
Ramco Cements has a bullish Cup-and-Handle formation, with a target of Rs 1,400 if it breaks Rs 1,045.
Disclaimer: Investors are advised to consult certified experts before making investment decisions.
