Indian benchmark indices settled sharply higher on Friday, after a few sessions of consolidation. Positive global cues and macroeconomic data pushed the headline indices higher, supported by the buying of the domestic IT stocks. BSE Sensex rallied 1,330.96 points, or 1.68 per cent, to end the day at 80,436.84. NSE's Nifty50 soared 397.40 points, or 1.65 per cent, to close at 24,541.15 for the day.
Some buzzing stocks namely Balrampur Chini Mills Ltd, Tata Motors Ltd and ICICI Lombard General Insurance Company 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 Monday's trading session:
Balrampur Chini Mills | Buy | Stop Loss: Rs 550-570 | Stop Loss: Rs 500
Balrampur Chini Mills has given a swing high breakout on the weekly chart, suggesting a rise in optimism. The weekly RSI is in bullish crossover with an indication of strong price momentum. Over the short term, the trend might take the stock towards Rs 550-570. Support on the lower end, is placed at Rs 500.
Tata Motors | Buy | Stop Loss: Rs 1,160 | Stop Loss: Rs 1,069
Tata Motors has given a consolidation breakout on the daily chart, suggesting a rise in optimism. The daily RSI has entered a bullish crossover with an indication of improving strength in price momentum. Over the short term, the trend might take the stock towards Rs 1,160. Support on the lower end, is placed at Rs 1,069.
ICICI Lombard General Insurance Company | Buy | Stop Loss: Rs 2,200 | Stop Loss: Rs 1,974
ICICI Lombard GIC has moved above the recent consolidation on the daily chart, suggesting a rise in optimism. The daily RSI has entered a bullish crossover with an indication of improving strength in price momentum. Over the short term, the trend might take the stock towards Rs 2,200. Support on the lower end, is placed at Rs 1,974.
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