IRCTC, 3M India, Fine Organic: Strategies for buzzing stocks of the day

The BSE Sensex and the Nifty 50 stand currently 10 per cent higher from the May 2021 levels, and if positive sentiment continues, the market may repeated a similar bull run.

The Indian key benchmark indices started trade on a robust note on Monday after almost two months of extreme negativity. The BSE Sensex and Nifty 50 opened over 1 per cent higher making it a consecutive gap-up session, last was on Friday and a similar scenario was seen in May 2021, almost a year ago.  

Both benchmarks, currently hover over 10 per cent higher when compared to the May 2021 levels and if markets continue to hold the positive sentiment, the a similar bull run may get repeated again. 

One can expect a bullish rally ahead as major stocks in Nifty 500 are buzzing today with strong gains. Let’s take a look at these stocks for an overview on their technical outlook for the upcoming sessions:-

3M India Ltd (3MINDIA)

Outlook: - Resilient range of Rs 22,500 to Rs 21,500

Shares of 3M India opened 12 per cent higher and touched an intraday high of Rs 20,899, gaining as much as 19 per cent so far. Prior to today's trading session, the stock was continuously registering a new 52-week low and had fell 44 per cent from its all-time high of Rs 31,000, reached on April 2021. To negate the bearish sentiment, the stock must scale the resilient range of Rs 22,500 to Rs 21,500, shows the daily chart. Going ahead, the support of Rs 19,000 stays as the neckline level. CLICK HERE FOR THE CHART

Indian Railway Catering And Tourism Corporation Ltd (IRCTC)

Likely target: Rs 733

Upside potential:  7%

The stock has a breakdown of “Death Cross”, which inevitably points at a bearish outlook, as per the daily chart. However, if the current intraday jump of over 5 per cent holds, then one could see stock heading towards Rs 732, which is its 50-day moving average (DMA). The Relative Strength Index (RSI) has moved above the zero line, signalling a short-term upside from the oversold territory. CLICK HERE FOR THE CHART

Timken India Ltd (TIMKEN)

Likely target: Rs 2,450

Upside potential:  10%

Timken is Rs 80 short of hitting a new all-time high and seems on course to achieve it. The Moving Average Convergence Divergence (MACD) is rising above the zero line, a signal of an upward momentum in the coming days, according to the daily chart. The support for the stock exists at Rs 2,050 and the overall trend is reflecting a positive rally towards Rs 2,450. CLICK HERE FOR THE CHART

Lux Industries Ltd (LUXIND)

Outlook: Needs to cross 50-DMA

Shares of Lux Industries need to conquer the 50-DMA set at Rs 2,260 mark decisively, which it failed since the start of the current year. As and when this does happen, the stock can embark a fresh rally towards Rs 2,623 mark, its 100-DMA, as per the daily chart. The present support comes at Rs 2,000. CLICK HERE FOR THE CHART

Fine Organic Industries Ltd (FINEORG)

Likely target: Rs 5,200

Upside potential:  10%

On Monday, shares of Fine Organic Industries managed to cross the resistance of Rs 4,600 with strong volume and if it sustains above the same, the breakout could see a new historic peak and may even rally further to Rs 5,200 level. The closing basis support stays at Rs 4,400 level. CLICK HERE FOR THE CHART