Vodafone Idea, Paytm: Trading strategies for buzzing stocks of the day

Vodafone Idea continues to attract risky traders as medium-term outlook remains robust

Vodafone Idea Ltd (IDEA)

Likely target:  Rs 21 and Rs 23 (after crossing Rs 17)

Upside potential:   23% and 35%

Despite today's sharp intraday fall, the bigger picture for the shares of Vodafone Idea indicates a robust bullish bias. The breakout above Rs 14 has seen increased interest of market participants for a long term investment. This move would see additions above the next hurdle of Rs 17. When this happens, the momentum may see the stock rally towards Rs 21 and Rs 23 as an immediate range. The support for the stock comes at Rs 9 and Rs 8 levels. CLICK HERE FOR THE CHART

 

One 97 Communications Ltd (PAYTM)

Likely target:  Rs 1,000

Downside potential: 11% 

The One 97 Communications, Paytm, stock needs to sustain above Rs 1,400 to suggests a positive reversal. Until that does not happen, the weakness may see aggravated selling pressure.  The current exhaustion reveals further downside that may even break Rs 1,000 mark. The immediate resistance is positioned at Rs 1,240 levels.  CLICK HERE FOR THE CHART 

Also read: These 33 stocks on Nifty500 index have hit record highs; more gains likely

    

Tata Steel Ltd (TATASTEEL)

Likely target:  Rs 1,375 (after crossing Rs 1,200)

Upside potential:   14%

While the formation of a “Death Cross” reflects a negative bias for the Tata Steel stock, unless the support of Rs 1,050 does not get violated, the negative pattern may not hold true. The recent trend indicates a sideways move within the range of Rs 1,200 to Rs 1,050 levels. A breakout above Rs 1,200 may see a rally in the direction of Rs 1,375 levels. The current candlestick formation reveals a bullish bias. CLICK HERE FOR THE CHART               

 

5Paisa Capital Ltd (5PAISA)

Likely target:  Rs 500 (after sustaining  above Rs 450)

Upside potential:   10%

The recent reversal has seen a resistance near Rs 450 levels, which was the earlier support mark and now acting as a major obstacle, according to the daily chart. While the Moving Average Convergence Divergence (MACD) climbed above the zero line, the stock price needs to decisively scale Rs 450 levels, and then only the breakout may see an upside towards Rs 500. CLICK HERE FOR THE CHART       

 

JSW Steel Ltd (JSWSTEEL)

Outlook: Breakout above 10-DMA

After breaking the 200-day moving average (DMA), the stock showed reversal and seems to be struggling to conquer Rs 671-level decisively, which is its 100-DMA. The trend appear sideways, but unless a clear breakout does not emerge above the 100-DMA, the bullish sentiment may not see a much needed interest. The immediate closing support comes at Rs 630 levels. CLICK HERE FOR THE CHART