Stock to Watch Tuesday – Praj Industries Limited

Stocks to Watch

After a downwards consolidation on the daily frame, Praj Industries Limited has moved above consolidation high leading to a rally in PRAJIND during the last two sessions. It has taken support at its long-term moving average on the daily chart and again reclaims 135 levels.

The RSI (09) has moved above its previous swing high on the daily frame indicating towards positive momentum. Buy PRAJIND in the range of 134-135 with a stop loss of 125 for the targets of 141-149

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News Highlights:

Tata Motors has reported a 49 percent fall in its consolidated net profit at Rs 1,108 crore. The company had reported a profit of Rs 2,175 crore in a year ago period.The figure above includes profit attributable to shareholders of the company and non-controlling interests.Revenue of the company declined to Rs 86,422 crore against Rs 89,928.97.The operating profit or EBITDA was at Rs 8,449.5 crore, while the margin stood at 9.8 percent.

•Buoyed by exit poll predictions, the BJP has started preparation to celebrate Lok Sabha election results on May 23 in a big way at the party headquarters.

Market Commentary:

ADANIPORTS,IBULHSGFIN,INDUSINDBK, SBINwere the top gainers among Nifty 50 stocks while DRREDDY, ZEEL, BAJAJ-AUTO, TECHM, were the top losers.

On Tuesday Indian indices will likely to open on flat note, later volatility will be expected. Keep your eyes on Metal sector.

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Gold Rate Today: Gold losses sheen on strong rupee, surging equities

Commodity Tips

Gold suffered a strong loss in futures trade on Monday as strong gains in riskier equities made investors avoid bets in safe-haven metal.

Domestic equity market saw solid gains after exit polls suggested a landslide victory for the BJP-led NDA in the general elections.

Rupee’s sharp rise against the US dollar also dented the yellow metal as stronger rupee brings gold prices down and spurs consumption in the country.

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