Indian headline indices settled mixed during the trading session on Tuesday amid mixed global cues. Benchmark indices were little changed after trading sideways for the entire trading session. BSE Sensex shed 52.63 points, or 0.07 per cent to settle at 73,953.31. NSE's Nifty50 index rose 27.05 points, or 0.12 per cent, to end the session at 22,529.05.
Some buzzing stocks namely Bharat Heavy Electricals Ltd (BHEL), ICICI Bank Ltd and Suzlon Energy Ltd are likely to remain under the spotlight of traders for the session today. Here is what Pravesh Gour, Senior Technical Analyst at Swastika Investmart has to say on these stocks ahead of Wednesday's trading session:
Bharat Heavy Electricals | Buy | Target Price: Rs 374 | Stop Loss: Rs 285 BHEL is having a very bullish chart, as it is forming higher highs and higher lows for formation on the daily chart. The overall structure of the counter looks lucrative, as it is trading above all its important moving averages. An investor can take a position at the current level of Rs 319 with a stop loss of Rs 285 for the target of Rs 374 in the near term. MACD is supporting the current strength, whereas the momentum indicator RSI is also positively poised.
ICICI Bank | Bullish | Resistance: Rs 1,160-1,200 | Support: Rs 1,100-1,090 ICICI Bank is exhibiting a promising pattern on both weekly and daily charts. The weekly chart shows an upward-sloping channel formation, while the daily chart indicates a breakout of triangle formation with a retest of the breakout level at Rs 1,100, forming a solid base. Favorably, the stock is trading above key moving averages, making it attractive for long-term investors. Looking ahead, resistance levels are seen at Rs 1,160, with potential for further upside movement towards Rs 1,200 and beyond in the short to long term. On the downside, Rs 1,090 is seen as a critical support level during any potential pullbacks. The bullish trend is expected to persist, making current levels attractive for buying with potential for selling at higher levels.
Suzlon Energy | Bullish | Resistance: Rs 48-50 | Support: Rs 40 Suzlon is coming out of a long consolidation with strong volume. The overall structure is very bullish as it trades above its all-important moving averages. It is breaking out of a triangle formation. It created a strong base at 20, 50, and 100-DMA, around Rs 40 levels. On the upside, Rs 48 is an immediate resistance where it may see some pause, but above this, it is likely to head towards Rs 50 levels. On the downside, Rs 40 is a major support for any correction. Rs 36-38 is the next critical demand zone. MACD and RSI are supporting the strength of the current movement.
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