Indian benchmark indices continued to inch higher with some signs of recovery amid the busy festive season. Positive global cues continued to support the market sentiments amid a sluggish Q2 season. BSE Sensex gained 363.99 points or 0.45 per cent, to end the session at 80,369.03. NSE's Nifty50 jumped 127.70 points, or 0.52 per cent, to close at 24,466.85 for the day.
Some buzzing stocks including Canara Bank Ltd, Larsen & Toubro Ltd (L&T) and JSW Infrastructure Ltd are likely to remain under the spotlight of traders for the session today. Here is what Santosh Meena, Head of Research at Swastika Investmart has to say on these stocks ahead of Wednesday's trading session:
Canara Bank | Resistance: Rs 108-112 | Support: Rs 95
Canara Bank is currently moving within a downward-sloping channel, finding support at the lower trendline and bouncing back. On the upside, the Rs 108 level poses a trendline resistance, with the 200-DMA at Rs 112 as a key barrier. A sustained move above the 200-DMA could signal a trend reversal and open up potential for further rally. In the near term, Rs 95 has established itself as a strong base.
Larsen & Toubro | Resistance: Rs 3,500-3,600 | Support: Rs 3,250
L&T is currently holding support at a key horizontal level around Rs 3,250. On a rebound, the 20-DMA near Rs 3,500 will be the initial critical resistance. Beyond the 20-DMA, a confluence of the 200- and 100-day moving averages around Rs 3,600 represents a significant hurdle. A decisive break below Rs 3,250 or above Rs 3,600 is likely to trigger a meaningful directional move.
JSW Infrastructure | Resistance: Rs 360 | Support: Rs 285
JSW Infra is exhibiting a strong rebound off the 200-DMA. However, a cluster of the 100- and 50-day moving averages around the Rs 322 level presents an immediate resistance. Clearing this level could help it regain momentum for a potential move toward its all-time high near Rs 360. Conversely, any sustained move below the 200-DMA at 285 would indicate potential weakness.