Indian benchmark indices settled lower for another trading session on Wednesday on the back of muted global cues and lack of FIIs support ahead of expiry of May series F&O contracts. However, onset of monsoon bodes for the economy. BSE Sensex dropped 239.31 points, or 0.29 per cent, to settle at 81,312.32, while NSE’s Nifty50 declined 73.75 points, or 0.30 per cent to end at 24,752.45 for the day.
Select buzzing result-bound stocks including Bajaj Auto Ltd, Suzlon Energy Ltd and Mazagon Dock Shipbuilders Ltd are likely to remain under the spotlight of traders for the session today. Here is what Laxmikant Shukla, Senior Technical Analyst of Institutional Equities Research at YES Securities has to about these stocks ahead of Thursday’s trading session:
Baja Auto | Hold | Resistance: Rs 9,000 | Support: Rs 8,500
Bajaj Auto is currently encountering resistance in the Rs 9,000-9,100 zone, near its recent swing high. A Doji candlestick pattern formed on the weekly chart last week, precisely at the key resistance level of Rs 9,000. Despite this price formation, firm support is established at the Rs 8,500 level. A positive outlook for the stock remains valid as long as it stays above this support. A breakout above Rs 9,000 could propel the stock towards the 9500 level.
Suzlon Energy | Caution | Resistance: Rs 68 | Support: Rs 60
Following a swift surge from Rs 51 to a peak of Rs 68, Suzlon Energy has witnessed profit booking at elevated levels, suggesting the potential for a cooldown or correction. The formation of a shooting star candlestick pattern indicates a potential pause in this rally. The support level has marginally shifted upward to Rs 60. Despite recent profit booking, the stock is expected to sustain its upward trajectory. However, caution is advised, and investors should prudently manage profits by implementing strict trailing stop-loss measures.
Mazagon Dock Shipbuilders | Caution | Resistance: Rs 3,800 | Support: Rs 3,285
Mazagon Dock has witnessed a strong upward move, climbing from Rs 2,776 to a high of Rs 3,733, in line with the broader rally in the defense sector. While the uptrend remains intact, a temporary pullback or consolidation cannot be ruled out after such a sharp rise. The key support level has now shifted slightly higher to around Rs 3,285. Despite the muted action in the prices, the stock is expected to maintain its upward bias in the medium to long term. Investors should remain cautious and consider booking partial profits while using a trailing stop-loss to protect gains in case of a reversal.
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