Indian benchmark indices ended the week on a high, thanks to rate cut hopes by the US Federal Reserve. However, rich valuations and absence of any other major trigger continue to weigh on markets. BSE Sensex gained 231.16 points or 0.28 per cent, to end the session at 82,365.77. NSE's Nifty50 rose 83.95 points, or 0.33 per cent, to close at 25,235.90 for the day.
Some buzzing stocks including Bharat Heavy Electricals Ltd (BHEL), BEML Ltd and Bharat Electronics Ltd (BEL) 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:
Bharat Heavy Electricals | Buy | Target Price: Rs 330-350 | Stop Loss: Rs 270
We are observing a pullback of the prior uptrend and BHEL is approaching the strong demand zone of Rs 273 to Rs 280 on the daily chart. The stock is trading sideways and is giving no clear direction of trend at present. However, the stock is outperforming the benchmark indices. Hence, can buy the stock at current levels with a stop loss of Rs 270 for targets of Rs 330-350 levels in the next couple of weeks.
Bharat Electronics | Buy | Target Price: Rs 347-371 | Stop Loss: Rs 275
We are observing a pullback of the prior uptrend and BEL is approaching the strong demand zone of Rs 285 to Rs 280 on the daily chart. The stock is trading sideways and is giving no clear direction of trend at present. However, the stock is outperforming the benchmark indices. Further, the RSI is positively poised. Hence, a pullback rally is in offing. Hence, one can buy the stock at current levels with a stop loss of Rs 275 for a target Rs 347–371 levels in a couple of weeks.
BEML | Buy | Target Price: Rs 4,000-4,160 | Stop Loss: Rs 3,600
We are observing that prices of BEML have taken support at the 150 days SMA (Rs 3,768) and have closed marginally above it on the daily chart. The stock is marginally outperforming the benchmark indices and even the momentum indicator is positively poised at present. This suggests that a pullback is in offing. Hence, one can buy the stock at current levels with a stop loss of Rs 3,600 for a target of Rs 4,000–4,180levels in the next couple of weeks.