Indian benchmark indices posted big gains during the trading session on Wednesday as the markets cheered Donald Trump's victory as the US President and reduced political uncertainty. BSE Sensex zoomed 901.50 points or 1.13 per cent, to end the session at 80,378.13. NSE's Nifty50 rallied 270.75 points, or 1.12 per cent, to close at 24,484.05 for the day.
Some buzzing stocks including Bharat Heavy Electricals Ltd (BHEL), Manappuram Finance Ltd and Netweb Technologies Ltd are likely to remain under the spotlight of traders for the session today. Here is what Ameya Ranadive CMT and CFTe, Senior Technical Analyst at StoxBox has to say on these stocks ahead of Thursday's trading session:
Bharat Heavy Electricals | Cautious
BHEL's recent pullback comes after an impressive rally from Rs 64 to Rs 332 over 18 months, indicating strong underlying momentum. BHEL faces a minor resistance at Rs 260. if it manages to breach this level, it could see further upside to Rs 285. On the downside, a break below Rs 215 could signal a trend shift, potentially leading to more correction. Its position in the capital goods sector, coupled with strong earnings growth, has made it a favorite among long-term investors. The stock remains at a critical level, with technical and fundamental indicators showing both potential and caution. For now, investors are watching for the next breakout that could propel the stock to new near-term highs if the technical barriers are overcome.
Netweb Technologies | Resistance: Rs 2,800-3,050 | Support: Rs 2,600
Netweb Technologies is currently quoting at Rs 2,799, reflecting a period of consolidation in the Rs 2,400–2,800 range over recent months. The stock has managed to hold above its 20, 50, 100, and 200 day exponential moving averages, suggesting strong investor confidence and a positive technical stance. Notably, Netweb has encountered resistance around the Rs 2,800 mark several times, yet with every attempt, it has shown resilience. A decisive breakout above Rs 2,800 could lead to a rally toward Rs 3,050–3,200 in the medium term, positioning the stock for significant gains. The stock’s RSI at 61 signals moderate bullish momentum. However, any dip below ₹2,600 could alter the current bullish setup
Manappuram Finance | Caution
Manappuram Finance has faced notable challenges as the share price has struggled to close above Rs 160 over the past month, indicating investor hesitation and ongoing consolidation. Currently in a 'no-trade' zone, Manappuram requires a sustained close above Rs 162 to signal a potential buying opportunity. The stock’s RSI at 41 suggests limited momentum. For long-term investors, Manappuram could present an opportunity if it stabilizes and holds above the Rs 162 level, but for now, caution prevails. A decisive break above this level could invite new buying interest, while a failure to maintain support levels might keep the stock in a consolidation phase until more positive catalysts emerge.