Indian benchmark indices settled sharply higher during the trading session on Friday on the back of positive economic data and strong earnings by the IT major. Global cues also supported the buoyant sentiments at Dalal Street. BSE Sensex surged 622 points, or 0.78 per cent to end at 80,519.34. The Nifty50 index rallied 186.20 points, or 0.77 per cent, to settle at 24,502.15 for the day.
Some buzzing stocks namely Manappuram Finance Ltd, Dalmia Bharat Ltd, Birlasoft Ltd and Britannia Industries Ltd are likely to remain under the spotlight of traders for the session today. Here is what analysts at Axis Securities has to say on these stocks ahead of Monday's trading session:
Dalmia Bharat | Buy | Target Price: Rs 2,113-2,150 | Stop Loss: Rs 1,803
Dalmia Bharat has demonstrated a breakout above the falling channel at Rs 1,855 on the weekly chart, signaling the onset of a medium-term uptrend. The stock found support and bounced back at the previous swing low of Rs 1,670, formed in early February 2023. The Weekly Strength Indicator (RSI) broke above the downward sloping trendline, confirming a breakout in price action. It also gave a crossover above its reference line and generated a buy signal. The above analysis indicates an upside of Rs 2,113-2,150 levels.
Britannia Industries | Buy | Target Price: Rs 6,160-6,285 | Stop Loss: Rs 678
Britannia has confirmed a breakout above the cup and handle pattern at Rs 5,600 on the weekly chart, indicating the continuation of the medium-term uptrend. The increase in volume activity at the breakout signifies a surge in market participation. It is positioned above key short and medium-term moving averages of 20, 50, 100, and 200 days, indicating a positive bias. The weekly strength indicator RSI is holding above its reference line indicating positive bias. The above analysis indicates an upside of Rs 6,160-6,285 levels.
Birlasoft | Buy | Target Price: Rs 798-820 | Stop Loss: Rs 678
Birlasoft has demonstrated a breakout above the consolidation zone pattern between Rs 725-666 on the daily chart, indicating the continuation of the uptrend. Volume dried during the consolidation period, then increased at the breakout, indicating a significant influx of participation. The stock also recaptured the breakdown level during mid-April 2024 at Rs 715, indicating a continuation of the uptrend. The daily RSI strength indicator crossover above its reference line generated a buy signal. The above analysis indicates an upside of Rs 798-820 levels
Manappuram Finance | Buy | Target Price: Rs 252-260 | Stop Loss: Rs 204
Manappuram has demonstrated a breakout above the multi-year resistance around 218 with a strong bullish candle on the weekly chart, indicating the continuation of the uptrend. The stock took support at the 38 per cent Fibonacci retracement level of a rally from Rs 81-199, positioned at Rs 155, confirming a medium-term support base. The stock is forming higher highs and higher lows on the weekly chart and holding above the upward sloping trendline, indicating a positive bias. The weekly strength indicator RSI is holding above its reference line indicating positive bias. The above analysis indicates an upside of Rs 252-260 levels
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