M&M, Central Bank, Solara: Trading strategies for buzzing stocks of the day

These five stocks were are trading with strong gains on Wednesday despite the nervouss undertone in the broader market ahead of US Fed rate decision later tonight.

Even as the benchmark indices, the Sensex and the Nifty, exhibited nervousness ahead of the key US Federal Reserve meeting later tonight, select stocks continue to hog limelight in trades on Wednesday.

Among individual stocks, Central Bank of India, Mahindra & Mahindra, Solara Active Pharma Sciences and RHI MAGNESITA INDIA rallied 5 to 7 per cent each. Whereas, the benchmark indices were down around 0.3 per cent each.
 

Amid the current uncertainty, here’s the technical outlook of top buzzing stocks of the day:-

Mahindra & Mahindra Ltd (M&M)

Likely target: Rs 1,500

Upside potential:  15%

The stock has witnessed one of its biggest rally in this calendar year so far, having surged over 57 per cent this year backed by keen market participation. With the “Higher High, Higher Low” formation since May 2022, the stock has jumped in a vertical scale with sell-off being overcome by robust long additions. The immediate support for the stock exists at Rs 1,200 and until this mark is protected, the positive outlook shall see more strength going ahead. Overall, a rally towards Rs 1,500 level seems likely. CLICK HERE FOR THE CHART

Central Bank of India (CENTRALBK)

Likely target: Rs 26

Upside potential:  13%

Shares of Central Bank of India opened 10 per cent gap-up on Wednesday and were within striking distance from registering a new 52-week mark. The strong up move has pushed the counter near the overbought category of Relative Strength Index (RSI) keeping the undertone bullish and aiming higher levels in coming sessions. The current momentum could hit new 52-week, thus reaching Rs 26, its next barrier. CLICK HERE FOR THE CHART

Solara Active Pharma Sciences Ltd (SOLARA)

Likely target: Rs 490

Upside potential:  9%

Solara Active Pharma Sciences was the second highest gainer in the Nifty 500 index, surging 6 per cent in morning intraday deals.  The stock crossed the major moving averages, the 50-day moving average (DMA) and 100-DMA last month. Post that, the stock has made consistent efforts to cling over the same cushion. If the stock manages to show pullback around Rs 407 and Rs 406.70, which are its 50-DMA and 100-DMA, the trend could revive in the direction of Rs 490, its previous peak. CLICK HERE FOR THE CHART

RHI MAGNESITA INDIA Ltd (RHIM)

Likely target: Rs 800

Upside potential:  15%

Shares of RHI MAGNESITA INDIA on Wednesday registered a new historic peak of Rs 696.35 with resilient sentiment. The counter broke out on upside suggesting further up move in coming sessions. The support levels come at Rs 650 and Rs 600 levels from a medium-term standpoint and the stock is set in rally towards Rs 800 level. There is a positive convergence of 100-DMA with 50-DMA indicating, underlying trend to remain buoyant.  CLICK HERE FOR THE CHART

Krishna Institute Of Medical Sciencs Ltd (KIMS)

Likely target: Rs 1,500

Upside potential:  11%

This hospital chain stock displayed a firm rally and conquered the 200-DMA hurdle placed at Rs 1,296. The stock so far in the day has rallied 5 per cent. Charts indicate, that the stock can potentially rally towards Rs 1,500-mark, which is the next obstacle level, according to the daily chart. CLICK HERE FOR THE CHART