Indian benchmark indices scaled new highs during Thursday's trading session and settled with strong gains amid the August series F&O contracts expiry and AGM of Reliance Industries. BSE Sensex jumped 349.05 points or 0.43 per cent, to end the session at 82,134.61. NSE's Nifty50 gained 99.60 points, or 0.40 per cent, to close at 25,151.95 for the day.
Some buzzing stocks including Bajaj Finance Ltd, Adani Power Ltd and ITC Ltd are likely to remain under the spotlight of traders for the session today. Here is what Avdhut Bagkar, Derivatives & Technical Analyst at StoxBox has to say on these stocks ahead of Friday's trading session:
Bajaj Finance | Resistance: Rs 7,400-7,750 | Support: Rs 6,800
Bajaj Finance has surpassed the 200-DMA placed at Rs 6,933 level, suggesting a positive upside in the following sessions. The bias seeks at reaching Rs 7,400, where the next hurdle exists. A breakout above this mark could see the price action to reach Rs 7,750. Immediate support exists at Rs 6,800.
Adani Power | Cautious
The share price of Adani Power has violated both the key supports of the 50-day moving average (DMA) and 100-DMA set at Rs 704 and Rs 680, respectively. Now the next support at Rs 599 remains a key driver of the trend, its 200-DMA. If the stock fails to hold this mark, the trend may dwindle to Rs 540 and Rs 510 levels.
ITC | Resistance: Rs 550-575 | Support: Rs 490-480
ITC has a resistance of Rs 510 on the daily chart and once this hurdle is overcome on the closing basis, the breakout would see a short-term rally to Rs 550 and Rs 575 levels. The support emerges at Rs 490 and Rs 480 levels. Only if the stock falls beneath Rs 460, the positive trend may lose the shine.