Indian benchmark indices settled sharply higher on Friday after US President Donald Trump announced a pause in tariffs for 90 days. Meanwhile, the focus of traders shall be shifting towards Q4 earnings of India Inc. BSE Sensex zoomed 1,310.11 points, or 1.77 per cent to settle at 75,157.26, while NSE’s Nifty50 soared 429.40 points, or 1.92 per cent to end at 22,828.55 for the day.
Select buzzing stocks including ITC, Suzlon Energy and Bharat Heavy Electricals (BHEL) are likely to remain under the spotlight of traders for the session today. Here is what Mileen Vasudeo, Senior Technical Analyst at Arihant Capital Markets has to about these stocks ahead of Tuesday’s trading session:
ITC | Buy | Target Price: Rs 460-480 | Stop Loss: Rs 400
We are observing twenty days’ consolidation breakout on the daily charts of ITC. Even the momentum indicator viz. RSI is positively poised. Further, the stock has started outperforming the benchmark indices. Combining the above parameter, it is evident that momentum on the upside is likely to continue. Hence, one can buy the stock at current levels with a stop loss of Rs 400 for a targets Rs 460-480 levels in a couple of weeks.
Bharat Heavy Electricals | Buy | Target Price: Rs 236-250 | Stop Loss: Rs 200
We are observing that prices of BHEL have taken support at 50-days SMA (Rs 201) and are trading sideways on the daily charts. At present the momentum indicator RSI is positively poised. This suggests that momentum on the upside is likely to continue. Hence, one can buy the stock at current levels with a stop loss of Rs 200 for a target Rs 236-250 levels in a couple of weeks.
Suzlon Energy | Buy | Target Price: Rs 61-69 | Stop Loss: Rs 45
We are observing a double bottom formation at Rs 46 level on the daily charts of Suzlon Energy. Even, the momentum indicator RSI is positively poised. At present, Rs 54 is immediate resistance any close above it would propel the upside momentum. Hence, one can buy the stock at current levels with a stop loss of Rs 45 for a target Rs 61-69 in a couple of weeks.
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