Indian benchmark indices staged a sharp rebound from day's low on Friday and posted big gains, thanks to buying in the index heavyweight counters. BSE Sensex surged 843.16 points, or 1.04 per cent, to end the session at 82,133.12. NSE's Nifty50 dropped 219.60 points or 0.89 per cent, to settle at 24,768.30 for the day.
Some buzzing blue-chip stocks including Tata Consultancy Services Ltd (TCS), Adani Ports & Special Economic Zone Ltd (Adani Ports) and ICICI Bank Ltd 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 say on these stocks ahead of Monday's trading session:
Tata Consultancy Services | Buy | Target Price: Rs 4,674-4,780 | Stop Loss: Rs 4,370
We are observing an accumulation in the range of Rs 4,430 to ,4400 levels on the daily charts of TCS. Further, the momentum indicator RSI is positively poised. Even the stock is 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 4,370 for a target Rs 4,674-4,780 levels in a couple of weeks.
ICICI Bank | Buy | Target Price: Rs 1,420-1,460 | Stop Loss: Rs 1,305
We are observing a higher high formation on the daily charts of ICICI Bank. Further, the momentum indicator MACD is positively poised and even the stock is outperforming the benchmark indices. Combining all the above formation 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 1,305 for a target Rs 1,420–1,460 levels in a couple of weeks.
Adani Ports & Special Economic Zone | Buy | Target Price: Rs 1,330-1,370 | Stop Loss: Rs 1,219
We are observing a higher high formation on the daily charts of Adani Ports. At present, the stock is underperforming the benchmark indices. However, the momentum indicator RSI is positively poised which suggests that the pullback rally may continue. Hence, one can 'buy' the stock at current levels with a stop loss of Rs 1,219 for a target Rs 1,330–1,370 levels in a couple of weeks.