Indian benchmark saw some profit booking during the trading session on Friday after sharp rise amid mixed cues. Traders awaited the US Fed's policy outcome due later this week for rate cut cues. BSE Sensex shed 71.77 points or 0.09 per cent, to end the session at 82,890.94. NSE's Nifty50 dropped 32.40 points, or 0.13 per cent, to close at 25,356.50 for the day.
Some buzzing stocks including Oberoi Realty Ltd, Bharat Petroleum Corporation (BPCL) and Axis Bank Ltd are likely to remain under the spotlight of traders for the session today. Here is what a Rupak De, Senior Technical Analyst at LKP Securities has to say on these stocks ahead of Monday's trading session:
Oberoi Realty | Buy | Target Price: Rs 1,920 | Stop Loss: Rs 1,759
Oberoi Realty has formed a symmetrical triangle pattern on the daily chart, continuing its upward trend after establishing support. The RSI is showing a bullish crossover and is on the rise. In the short term, the stock could move towards 1,920, with support positioned at 1,759 on the downside.
Bharat Petroleum Corporation | Sell | Target Price: Rs 325 | Stop Loss: Rs 347
BPCL resumed below the important 21 EMA which confirms the presence of further downside pressure forex. Bearish RSI crossover can be observed on the daily time frame and bearish trend is being recorded too. Besides, the stock has been below a sloping upward wedge pattern in the daily time frame. In the immediate term, this selling pressure is likely to push the price to Rs 325, while resistance is expected at Rs 347 upper side.
Axis Bank | Buy | Target Price: Rs 1,275 | Stop Loss: Rs 1,179
Axis Bank has developed an ascending triangle pattern on the daily chart, remaining above a key moving average. The RSI is in a bullish crossover and trending upward. In the short term, the stock could move toward Rs 1,275, with support at Rs 1,179 on the lower side.