ICICI Pru, IIFL Wealth: Trading strategies for buzzing stocks of the day

IIFL Wealth Management is heading towards a new all time high, as per charts

The benchmark indices recorded another day of solid gains, vaulting past crucial levels amid robust India Inc earnings and promising macroeconomic data. The BSE Sensex crossed the 54,000-mark for the first time while NSE Nifty topped 16,200. 

"Tuesday’s rise in VIX by 7.36 per cent prompts us to be cautious once Nifty is in the 16,200-250 vicinity. However, unless a pullback below 16,090 or 16,030 is seen, favoured view expects upsides to continue aiming for 16,350 and well beyond," said Anand James, Chief Market Strategist at Geojit Financial Services.

While action remained hot at the flagship level, there were certain stocks that also buzzed on traders' radar. Here are trading strategies for them:

ICICI Prudential Life Insurance Company Ltd (ICICIPRULI) 

Likely target: Rs 750                       

Upside potential: 11%

The stock is gradually rising with a "Higher High, Higher Low" formation and continues to hold a strong upward momentum. The overall trend is bullish and as long as the support at Rs 660 and Rs 630 levels are defended, the upside bias is likely to gain further ground towards Rs 750 mark. CLICK HERE FOR THE CHART

IIFL Wealth Management Limited (IIFLWAM)

Likely target: Rs 1,663.95 (towards new record high)

Upside potential: 9%

After a decisive close above the resistance of Rs 1,350 levels, the stock looks set to rally, with a strong breakout. It continues to see a rise in volume, which further suggests positive interest of market participants. This move may help the stock to hit a new record high, crossing the previous level of Rs 1,663.95. The immediate closing basis support stays at Rs1,450 and 1,400 levels. CLICK HERE FOR THE CHART

Aavas Financiers Limited (AAVAS)

Likely target: Rs 2,800 and Rs 2,900

Upside potential: 8% and 11%

The recent price action faced resistance at Rs 3,000 levels.The downward move reversed around 100-days moving average (DMA), placed at Rs 2,441 levels, which also helped the Relative Strength Index (RSI) recover near to the oversold level of 30 value. A firm close above 50-DMA, located at Rs 2,593, may see the stock rally to Rs 2,800 and Rs 2,900 levels. CLICK HERE FOR THE CHART

IndoStar Capital Finance Limited (INDOSTAR)

Likely target: Rs 380 and Rs 400

Upside potential: 7.50% and 12%

The stock is continuously attempting to conquer the selling pressure emerging in the range of Rs 420 to Rs 400 levels. As long as the support of 200-DMA, placed at Rs 324 levels, is upheld, the stock may rally towards this range. That said, immediate resistance comes at Rs 380 levels, as per the daily chart. CLICK HERE FOR THE CHART

Rain Industries Limited (RAIN)

Likely target: Rs 272.75

Upside potential: 9%

From a long-term perspective, Rain Industries has been successful in building a support base at consecutive levels. As long as the support of Rs 240 and Rs 220 is held, the bullish sentiment can push the stock towards the 52-weeks high of Rs 272.75 levels and further. The overall trend looks optimistic, with price action staying highly active in favour of the bulls. CLICK HERE FOR THE CHART