Indian benchmark indices settled on a flat note on Tuesday after giving up their gains in the fag-end of the session amid the absence of directive cues. BSE Sensex shed 33.49 points, or 0.04 per cent to settle at 76,456.59. NSE's Nifty50 index added only 5.65 points, or 0.02 per cent, to end the session at 23,264.85.
Some buzzing stocks namely Archean Chemical Industries Ltd, Engineers India Ltd, Clean Science and Technology Ltd and Berger Paints India Ltd are likely to remain under the spotlight of traders for the session today. Here is what various analysts have to say on these stocks ahead of Wednesday's trading session:
Archean Chemical Industries | Buy | Target Price: Rs 695 | Stop Loss: Rs 595
Archean Chemical has taken support near the long-term trendline zone at Rs 584 levels after the recent correction and has indicated a decent pullback to just move past the significant 200-period MA Rs 627 level to improve the bias and anticipate further rise in the coming days. The RSI has been in consolidation for quite some time and currently has indicated a positive trend reversal to signify strength and can carry on with the positive move further ahead. Currently, with risk-reward looking favourable, we suggest to buy the stock for an upside target of Rs 695, keeping a stop loss of Rs 595.
Recommended by: Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher
Clean Science and Technology | Buy | Target Price: Rs 1,575 | Upside: Rs 1,225
Clean Science has demonstrated remarkable stability by consistently maintaining its price range between Rs 1,230 and Rs 1,250 since March 2023. Over this period, the stock has formed approximately five to six bottoms within this level, indicating strong support and resilience at these prices. In the last trading week, a significant technical signal appeared in the form of a classic hammer candlestick pattern near the established support zone. This pattern is often seen as a bullish reversal signal, suggesting potential upward movement. Furthermore, technical indicators support this bullish outlook: the weekly Relative Strength Index (RSI) has begun to chart higher highs and higher lows, a pattern indicative of strengthening bullish sentiment. Given these technical factors, we recommend initiating long positions within the price range of Rs 1,325 to Rs 1,360. Our target for this upward movement is Rs 1,575, while we advise setting a stop-loss at Rs 1,225 to manage risk
Recommended by: Anand Rathi Shares & Stock Brokers
Engineers India | Buy | Target Price: Rs 295 | Stop Loss: Rs 225
Engineers India has indicated a rising trend overall with currently witnessing a decent pullback moving past the significant 50-EMA level of Rs 236 to improve the bias and anticipating further rise in the coming days. The RSI is well placed, correcting from the overbought zone and has indicated a trend reversal to signal a buy. With the chart looking good, with much upside potential visible from current rate, while suggesting to buy the stock for an upside target of Rs 295, keeping the stop loss of Rs 225.
Recommended by: Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher
Berger Paints India | Buy | Target Price: Rs 575 | Upside: Rs 432
After a significant decline from its peak, Berger Paints has shown signs of stabilizing and potentially reversing its downtrend, as indicated by technical patterns like the Bullish Bat and bullish divergence. The bullish bat is a specific pattern in technical analysis, part of the Harmonic Patterns, which signals a potential reversal from a downtrend to an uptrend. It consists of four legs with specific Fibonacci ratios. This pattern forming on the weekly scale suggests a potential longer-term reversal from the recent downtrend to an uptrend. Based on these signals, the recommendation is to buy the stock within the Rs 470-490 range, with an anticipated upside to Rs 575, while placing a stop-loss at Rs 432 to manage risk.
Recommended by: Anand Rathi Shares & Stock Brokers
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