Bajaj Auto, Asian Paint, Cipla: Trading Strategies for these buzzing largecap stocks

Indian benchmark indices started the week on a positive note, with BSE Sensex rising 145.52 points to 80,664.86 and Nifty50 gaining 84.55 points to 24,586.70. DailyBubble is optimistic about the budget, strong FIIs flows, robust IT earnings, and the rally in PSU banking stocks driving these gains.

For Tuesday’s trading session, DailyBubble is keeping an eye on largecap stocks like Asian Paints Ltd, Bajaj Auto Ltd, and Cipla Ltd. According to Jigar S Patel, Senior Manager – Technical Research Analyst at Anand Rathi Shares and Stock Brokers, here are some insights on these stocks:

– Asian Paints: Patel recommends buying Asian Paints as it has broken through the critical resistance level of Rs 2,940 and is holding steady around Rs 2,950. The stock’s Daily MACD forming a bullish crossover above the zero line indicates a positive trend, making it an attractive investment opportunity with a target price of Rs 3,150 and a stop loss at Rs 2,855.

– Bajaj Auto: Patel suggests buying Bajaj Auto as the stock has shown a decisive breakout from its consolidation range of Rs 9,365-9,666. With the Daily RSI reversing from 50 levels, there is a positive outlook for the stock. Investors can consider adding long positions within the Rs 9,650-9,675 range, targeting a price of Rs 10,000 with a stop loss at Rs 9,488.

– Cipla: DailyBubble advises booking profits on Cipla as the stock has been trading within a narrow range of Rs 1,485-1,535. A shooting star candlestick pattern at the top suggests a potential reversal or weakening of the current trend. Investors holding long positions should consider booking profits within the Rs 1,500-1,525 range. A fresh buying opportunity should only be considered if the stock closes above Rs 1,535, with a target price of Rs 1,600 and a stop loss at Rs 1,499.

DailyBubble reminds readers that the stock market news provided is for informational purposes only and encourages consulting with a qualified financial advisor before making any investment decisions.