Indian benchmark indices ended a volatile session and settled mostly flat on Tuesday amid mixed global cues. FIIs selling and geopolitical concerns are weighing on the markets ahead of the much-awaited Q2 results. BSE Sensex shed 33.49 points or 0.04 per cent, to end the session at 84,266.29. NSE's Nifty50 retreated 13.95 points, or 0.05 per cent, to close at 25,796.90 for the day.
Some buzzing stocks including Godrej Consumer Products Ltd, Bandhan Bank Ltd and Gujarat Gas Ltd are likely to remain under the spotlight of traders for the session today. Here is what Vishnu Kant Upadhyay, AVP- Research and Advisory at Master Capital Services has to say on these stocks ahead of Thursday's trading session:
Godrej Consumer Products | Buy | Target Price: Rs 1,500-1,520 | Stop Loss: Rs 1,325
Godrej Consumer share prices have been trading within a broad horizontal range for an extended period and are currently positioned near the lower boundary, suggesting the potential for a recovery toward the upper range of Rs 1,500–1,520. The broader trend remains firmly bullish, as evidenced by the consistent formation of higher highs and higher lows. Recently, prices found support near the 150-day Exponential Moving Average (EMA), a level that has previously served as a significant support zone. Following this support, a sharp rally was observed, and a similar pattern is likely to emerge in the current scenario. On the downside, the Rs 1,325 price zone will serve as immediate support, reinforcing the stock’s upward potential.
Bandhan Bank | Buy | Target Price: Rs 211-215 | Stop Loss: Rs 184
Bandhan Bank has corrected nearly 10 per cent from its recent swing high of 215.44 but remains above a key rising trendline, which has consistently served as a crucial demand zone during previous declines. As the price is currently trading near this significant support level, we anticipate a potential rebound from this juncture, offering a favourable risk-reward setup. Additionally, the 14-day Relative Strength Index (RSI) is holding above a horizontal support level near 40, further reinforcing the outlook for short-term buyers.
Gujarat Gas | Buy | Target Price: Rs 680-690 | Stop Loss: Rs 584
Gujarat Gas is consolidating within a broad trading range, forming an ascending triangle pattern on the daily chart, indicating a positive overall bias. As prices hover near this pattern's lower boundary, the likelihood of a bullish rebound is heightened. Notably, the 150-day EMA is situated close to this lower boundary, further emphasizing the significance of this level as a key support zone. We believe this bullish setup will convince long to medium term traders to build fresh long positions for the upsurge of around Rs 680-690.