Indian benchmark indices were back on the weak track on Friday amid the feeble global cues and inflationary concerns. Muted Q3 earnings is adding fuel to the fire amid the challenging environment. BSE Sensex tanked 329.92 points, or 0.43 per cent, to end the session at 76,190.46. NSE's Nifty50 plunged 113.15 points, or 0.49 per cent, to settle at 23,092.20 for the day.
Some buzzing stocks including ICICI Bank Ltd, Tata Steel Ltd and DLF 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:
ICICI Bank | Buy | Target Price: Rs 1,272-1,300 | Stop Loss: Rs 1,183
Prices of ICICI Bank have taken support at the demand zone of Rs 1,200 - 1,190 levels and have bounced back on the higher side on the daily charts. This suggests that a pull-back rally cannot be ruled out. The momentum indicator viz RSI is positively poised and even the stock is outperforming the benchmark indices. Hence, one can buy the stock at current levels with a stop loss of Rs 1,183 for the targets of Rs 1,272 – Rs 1,300 levels in a couple of weeks.
DLF | Sell | Target Price: Rs 630-600 | Stop Loss: Rs 728
We are observing a lower top lower bottom formation on the daily charts of DLF which is the sign of weakness. Even RSI the momentum indicator is negatively poised and the stock is underperforming the benchmark indices. Hence, one can sell the stock at current levels with a stop loss of Rs 728 for the targets of Rs 630-600 levels in a couple of weeks.
Tata Steel | Buy | Target Price: Rs 146-154 | Stop Loss: Rs 122
We are observing that prices of Tata Steel have taken support at the weekly-200week –SMA (Rs 126) on the weekly charts. At present the momentum indicator RSI is exiting the oversold zone. Hence a bounce from current level cannot be ruled out. Further, the prices have started trading above the 10-days SMA (128). Hence, one can buy the stock at current levels with a stop loss of Rs 122 for a target Rs 146-154 levels in a couple of weeks.