Indian benchmark indices managed to post modest gains after a choppy trading session on Wednesday, thanks to the fag-end buying pushed by positive DII inflows. BSE Sensex rose 102.44, points or 0.13 per cent, to end the day at 80,905.30. NSE's Nifty50 gained 71.35 points, or 0.29 per cent, to close at 24,770.20 for the day.
Some buzzing stocks including ITC Ltd, Infosys Ltd and Bharti Airtel 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:
ITC | Buy | Target Price: Rs 560 | Stop Loss: Rs 475
ITC has recently demonstrated a strong bullish signal by breaking out of a symmetrical triangle pattern on its daily chart. This breakout was accompanied by a period of consolidation which can be interpreted as a healthy technical re-test of the breakout level. Given the positive price action and the stock's current position above all significant moving averages, ITC appears to be in an uptrend. Minor short-term fluctuations are expected but these dips could provide buying opportunities. Hence, we recommend buying ITC around Rs 500-505 with a stop loss of Rs 475 on a closing basis for the target of Rs 560.
Infosys | Range-bound | Resistance: Rs 1,930 | Support: Rs 1,820
Following a recent price peak, Infosys has experienced a period of profit-taking. Over the past three trading days, it has formed a base near its 20-day SMA. Currently, technical indicators are offering mixed signals. While a bearish stochastic suggests potential downside pressure, a bullish MACD indicates a possible upward trend. This conflicting information creates uncertainty about the stock's immediate direction. However, there is strong support evident around the Rs 1,820-1,790 price range. If this support holds, a short-term pullback to Rs 1,930 could be expected. However, significant upside momentum seems unlikely at this time.
Bharti Airtel | Caution | Resistance: Rs 1,525-1,535 | Support: Rs 1,390-1,370
Bharti Airtel has been trading in a sideways range for the past seven to nine weeks, suggesting a pause in its previous upward trend. Bearish price action on the daily chart has contributed to this consolidation phase. Without a clear breakout or a recognizable chart pattern, the sideways movement is expected to continue. The Rs 1,535-1,525 level is currently acting as a significant resistance barrier, limiting upside potential until it is broken. On the downside, support is found near the Rs 1,390-1,370 zone