Mazagon Dock, Affle India, JSW Infra, APL Apollo: Trading strategies for these 4 buzzing stocks

May 21,2024

Indian headline indices managed to post mild gains in the special trading session on Saturday after a dull trading session. Benchmark indices remained range-bound after the initial uptick. However, the mixed performance among major stocks limited the momentum. BSE Sensex rose 88.91 points, or 0.12 per cent to settle at 74,005.94. NSE's Nifty50 index gained 35.60 points, or 0.16 per cent, to end the session at 22,502.

Some buzzing stocks namely APL Apollo Tubes Ltd, Mazagon Dock Shipbuilders Ltd, Affle India Ltd and JSW Infrastructure Ltd are likely to remain under the spotlight of traders for the session today. Here is what various analysts from different brokerage firms have to say on these stocks ahead of Tuesday's trading session:


Mazagon Dock Shipbuilders | Buy | Target Price: Rs 3,400 | Upside: 18%

Mazagon Dock along with other shipping stocks have been one of the biggest performers since the year 2022. For the past 3-4 quarters the stock was consolidating in a rectangle band of Rs 1800 - 2500. Finally, there is breakout from this range and that too with exceptional volumes. Thus, we advise traders to go long in the stock in the range of Rs 2,620-Rs 2,580 with a stop loss of Rs 2,200 for the upside target of Rs 3,400 in 6-9 months.

Affle India | Buy | Target Price: Rs 1,360 | Upside: 11%

The share price of Affle India has witnessed a strong buying demand from the crucial support area of Rs 1,000-1,050 being the confluence of the 200-week DMA, currently placed at Rs 1,023 and the rising demand line joining lows of May 2023 and Mar 2024 signaling strength and positive price structure. The stock during the current week has registered a breakout above the last eight weeks range (Rs 1,035-1,140) signaling resumption of up move and offers fresh entry opportunity. One can expect the stock to continue with its up move and head towards Rs 1,360 levels in the coming weeks as it is the swing high of August 2022. The stock has immediate support at Rs 1,050-1,080 levels being the 61.8 per cent retracement of the current up move (Rs 866-1,337). Among the oscillators the daily MACD is in uptrend and has recently generated a buy signals thus validates positive bias.

JSW Infrastructure | Buy | Target Price: Rs 326 | Upside: 19%

There was a major breakout in JSW Infrastructure above Rs 230 mark. Then the stock underwent a sharp rally towards Rs 275 and then it witnessed a correction to retest the breakout zone. After that, the stock was moving in a band of 265 - 235. Now there is a fresh breakout above Rs 265 which is accompanied with decent volumes. Thus, we advise traders to go long in the stock near Rs 265 – 270 with a stop loss of 240 for the upside target of 326 in the coming months.

Recommended By: Anand Rathi Shares & Stock Brokers

 APL Apollo Tubes | Buy | Target Price: Rs 2,000 | Upside: 20%

APL Apollo Tubes was basing out near its key support around Rs 1,575 over past few weeks and in recent trade the stock resolved from this basing pattern suggesting that positive momentum is returning in the stock. It has managed to close above its 200-day average. Historically the stock has witnessed sizable rally with price sustenance above 200 DMA. Bullish price action is validated by positive cross over of RSI above its 9-period average. Hence one can expect the stock price to gain further traction in the short term and head towards Rs 2,000 over next few weeks as it happens to be the 138.2 per cent extended retracement level of the November 2023-February 2024 decline