Indian benchmark indices kicked off the week with a solid sell-off amid the weak global and domestic cues. Rising geopolitical concerns in the middles, possibility of rate hikes by Bank of Japan and Sebi's meeting on F&O norms kept the traders on tenterhooks. BSE Sensex plunged 1,272.07 points or 1.49 per cent, to end the session at 84,299.78. NSE's Nifty50 crashed 368.10 points, or 1.41 per cent, to close at 25,810.85 for the day.
Some buzzing stocks including Indian Hotels Co Ltd (IHCL), Godawari Power & Ispat Ltd (GPIL) , Godrej Consumer Products Ltd are likely to remain under the spotlight of traders for the session today. Here is what Rupak De, Senior Technical Analyst at LKP Securities has to say on these stocks ahead of Tuesday's trading session:
Godawari Power & Ispat | Buy | Target Price: Rs 1,200 | Stop Loss: Rs 1,048
Godawari Power has given a consolidation breakout following a rally on the daily timeframe and is expected to maintain its price momentum in the near term. Additionally, it has risen above a critical moving average on the daily timeframe. The RSI indicates a bullish crossover and is rising. On the higher side, the stock may move towards Rs 1,200, with support placed at Rs 1,048
Indian Hotels Company | Sell | Target Price: Rs 660 | Stop Loss: Rs 700
Indian Hotels has fallen below the rising trendline, indicating an increase in bearish sentiment. Additionally, it has slipped below a critical moving average. The RSI has broken down from its rising trendline, further signaling weakness. In the short term, the stock might decline towards Rs 660, with resistance placed at Rs 700.
Godrej Consumer Products | Buy | Target Price: Rs 1,395 | Stop Loss: Rs 1,350
Godrej Consumer has found support around its previous swing low. Additionally, it has formed a bullish harami pattern on the daily chart, indicating the potential for a bullish reversal. The RSI has formed a bullish crossover on the smaller time frame. In the short term, the stock could move towards Rs 1,480, with support at Rs 1,350. A break below Rs 1,350 could lead to further price weakening.