Indian benchmark indices continued to bleed on Friday amid the escalating concern in the middle east, which spiked the crude oil prices. FIIs continued to offload Indian equities and moved towards attractive markets like China. BSE Sensex tumbled 808.65 points or 0.98 per cent, to end the session at 81,688.45. NSE's Nifty50 crashed 235.50 points, or 0.93 per cent, to close at 25,014.60 for the day.
Some buzzing stocks including Bank of Baroda Ltd, Reliance Industries Ltd (RIL) and NTPC Ltd 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:
Bank of Baroda | Buy | Target Price: Rs 290-310 | Stop Loss: Rs 230
We are observing higher high formation on the daily charts. At present, Rs 255 is immediate resistance. Any strong move above Rs 255 with good volume will propel the upside momentum. Even the momentum indicator RSI is positively poised. Hence, can buy the stock at current levels with a stop loss of Rs 230 for target of Rs 290-310 levels in the next couple of weeks.
Reliance Industries | Sell | Target Price: Rs 2,500-2,300 | Stop Loss: Rs 2,920
We are observing that prices have closed below the 200-days SMA (Rs 2,906) which suggests weakness on the daily charts. At present, the stock is underperforming the benchmark indices. Even the momentum indicator RSI is showing weakness. Hence, one can sell the stock at current levels with a stop loss of Rs 2,920 for targets Rs 2500–2300levels in a couple of weeks.
NTPC | Buy | Target Price: Rs 470-490 | Stop Loss: Rs 410
We are observing a corrective move of previous uptrend on the daily charts. At present, the stock has support at Rs 425 – 420 level. The stock is outperforming the benchmark indices. Even the momentum indicator is positively poised. Hence, one can buy the stock at current levels with a stop loss of Rs 410 for targets of Rs 470–490 levels in the next couple of weeks.