Indian benchmark indices settled slightly higher on Wednesday on the back of positive global cues and FIIs buying. BSE Sensex gained merely 73.80 points or 0.09 per cent, to end the session at 81,785.56. NSE's Nifty50 jumped 34.60 points, or 0.14 per cent, to close at 25,052.35 for the day.
Some buzzing stocks including LTI MindTree Ltd, Bharat Dynamics Ltd (BDL) and Cipla Ltd are likely to remain under the spotlight of traders for the session today. Here is what Laxmikant Shukla, Technical Research Analyst at YES Securities has to say on these stocks ahead of Thursday's trading session:
LTIMindTree | Caution | Resistance: Rs 6,400-6,440 | Support: Rs 5,640
LTIMindTree exhibits a sturdy technical framework with a consistent pattern of higher highs and higher lows on the weekly chart. Both the daily and weekly MACD indicators are reinforcing the existing strength, while the momentum indicator, RSI, is in a positive position. The scrip's structure is notably impressive, trading above all crucial moving averages. Given the present momentum, there is potential for the stock to further advance towards the Rs 6,400-6,440 levels, where it encounters its next resistance. On the downside, Rs 5,640 is anticipated to serve as a formidable demand zone.
Cipla | Buy | Target Price: Rs 1,740 | Stop Loss: Rs 1,560
Cipla has given an ascending triangle breakout accompanied by considerable trading volumes indicating a sustained momentum in the ongoing trend. The momentum indicator RSI further reinforces the bullish sentiment by consistently staying above the critical level of 65. Regarding support and potential gains, the stock has established a robust foundation at the lower end, approximately Rs 1,560. This level is expected to serve as a support, acting as a safeguard against any potential downward movement.
Bharat Dynamics | Caution | Resistance: Rs 1,360-1,370 | Support: Rs 1,300
Bharat Dynamics has been consolidating sideways for the past fourteen days, showing no clear directional bias. On the daily chart, it has encountered significant resistance in the Rs 1,360-1,370 range. The repeated formation of doji candlestick patterns indicates market indecision. Conversely, a key support base has formed around the Rs 1,300 level, near its 100-day SMA. Therefore, a decisive breakout in either direction is eagerly anticipated to establish a clear trend.