RIL, Linde India: Trading strategies for buzzing stocks of the day

Trend among these buzzing stocks remain optimistic, as per their respective charts

Shares of Reliance Industries on Monday traded sideways and on a sluggish note ahead of its AGM later in the day. Similarly, Bharat Electronics, which received new defence orders worth Rs 3,289 crore, traded flat.

Linde India, Garden Reach Shipbuilders & Enginers, and Gland Pharma all gained over 2 per cent on Monday. Linde India received acceptance letter from Steel Authority of India for plant installation, Garden Reach Shipbuilders & Enginers has signed MOU with DEMPO group, while Gland Pharma received 2 observations in its Hyderabad facility. 

Here’s the technical outlook of buzzing stocks of the day:-

Reliance Industries Ltd (RELIANCE)

Outlook: support of 50-SMA

Shares of Reliance Industries are experiencing accumulation in the range of Rs 2,450 to Rs 2,420, and the 50- day simple moving average (SMA) set at Rs 2,448 coincides with this interest zone 

Until these supports are protected, a positive reversal could see the stock testing hurdle of Rs 2,550. Only an aggressive close over Rs 2,550-mark could lead to a fresh breakout. CLICK HERE FOR THE CHART

Bharat Electronics Ltd (BEL)

Likely target: Rs 155

Upside potential:  14%

While the counter is witnessing mild selling pressure near Rs 135, the underlying trend remains highly optimistic. The 50-SMA placed at Rs 125 acts as a bolstering support for a medium-term perspective. , A closing basis support of Rs 130 may be placed for immediate trend. The overall momentum is headed towards Rs 155. CLICK HERE FOR THE CHART

Linde India Ltd (LINDEINDIA)

Oullook: Heading towards Rs 6,600

Shares of Linde India have seen a sharp upside in the current year. The stock has gained 75 per cent so far in this year and continues to scale uncharted territories, with aggressive price rise. Unless the support of Rs 5,600 is broken, the trend is likely to witness higher levels. The next reach could be towards Rs 6,600-mark. CLICK HERE FOR THE CHART

Garden Reach Shipbuilders & Enginers Ltd(GRSE)

Outlook: Breakout over Rs 840

The current set on the daily chart suggests a sideway move, with price trading in the range of Rs 840 to Rs 720. The medium-term outlook is well-supported with the 50-SMA placed at Rs 628-mark. A breakout over Rs 840 could garner a move to Rs 900-level. CLICK HERE FOR THE CHART

Gland Pharma Ltd (GLAND)

Outlook: Trend is robust over 200-SMA

Until and unless the counter falls beneath the 200-SMA set at Rs 1,348-mark, the positive bias is here to stay. Stability over Rs 1,700 might see price breaking out towards Rs 2,000 level. Immediate support exists at Rs 1,450. CLICK HERE FOR THE CHART