Indian benchmark indices settled marginally up on Wednesday, after trading in a tight range for the day. Traders continued to remain cautious on the back of domestic cues including mixed earnings and rich valuations. BSE Sensex added 149.85 points, or 0.19 per cent, to end the day at 79,105.88. NSE's Nifty50 inched up by merely 4.75 points, or 0.02 per cent, to close at 24,143.75 for the day.
Some buzzing stocks namely HCL Technologies Ltd, State Bank of India (SBI) and Power Finance Corporation Ltd (PFC) 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 Thursday's trading session:
HCL Technologies | Buy | Target Price: Rs 1,700 | Stop Loss: Rs 1,574
HCL Technologies has broken out of a consolidation pattern on the daily chart, indicating rising optimism. Additionally, the stock's RSI has formed a bullish crossover. In the short term, the stock is likely to move towards Rs 1,700, with support on the lower end placed at Rs 1,574.
Power Finance Corporation | Sell August Futures (Rs 482-486) | Target Price: Rs 455 | Stop Loss: Rs 500
Power Finance Corporation has broken down from its recent brief consolidation. Additionally, the stock price failed to move above the crucial 50 EMA on the daily timeframe, confirming the ongoing weak trend. Support on the lower end is placed at Rs 455, while resistance on the higher end is placed at Rs 500.
State Bank of India | Sell August Futures (Rs 805-810) | Target Price: Rs 770 | Stop Loss: Rs 826
State Bank of India has broken down from its recent brief consolidation. Additionally, the stock price failed to move above the crucial 50 EMA on the daily timeframe, which supports the current weak trend. On the lower end, the stock might come down to Rs 770, while resistance on the higher end is placed at Rs 826.
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