Indian benchmark indices settled slightly higher on Friday, posting mild gains ahead of India GDP numbers and outcome of the exit polls on Saturday. The headline indices faced resistance at higher levels amid the absence of positive triggers. BSE Sensex added 75.71 points, or 0.10 per cent to settle at 73,961.31. NSE's Nifty50 index rose 42.05 points, or 0.19 per cent, to end the session at 22,530.70.
Some buzzing stocks namely KNR Constructions Ltd, Coromandel International Ltd and Samvardhana Motherson International Ltd (SAMIL) are likely to remain under the spotlight of traders for the session today. Here is what analysts at Axis Securities have to say on these stocks ahead of Monday's trading session:
Coromandel International | Buy | Target Price: Rs 1,417-1,485 | Stop Loss: Rs 1,222 Coromandel has confirmed a breakout above the 'rounded bottom' pattern at Rs 1,275 on the weekly chart with a strong bullish candle, indicating a positive bias. During the pattern formation, volume activity tends to decline, while at the breakout, there is an increase in activity, indicating heightened market participation. The stock is trending within a medium-term rising channel, recently took support at the lower band, and is now heading towards the upper band. The weekly strength indicator RSI is holding above its reference line indicating positive bias. The above analysis indicates an upside of Rs 1,417-1,485 levels.
Samvardhana Motherson International | Buy | Target Price: Rs 158-167 | Stop Loss: Rs 135 SAMIL has demonstrated a breakout above the ‘multiple resistance’ zone placed around Rs 140 on the weekly chart, with a strong bullish candle indicating the continuation of the uptrend. The volume activity increased at the breakout, indicating an influx of market participation at the breakout level. It is displaying a bullish trend on the weekly chart, characterized by higher highs and higher lows, and is further supported by an upward sloping trendline, suggesting a prevailing upward bias. The weekly strength indicator RSI given a crossover above its reference line generated a buy signal. The above analysis indicates an upside of Rs 158-167 levels.
KNR Constructions | Buy | Target Price: Rs 285 | Stop Loss: Rs 1,222 On the weekly chart, KNR Construction has broken out above a three-year 'symmetrical triangle' pattern at Rs 300 with a strong bullish candle, indicating the onset of an uptrend. The stock has broken above the weekly upper Bollinger Band, generating a buy signal. This breakout suggests a potential bullish trend. The stock is holding above key moving averages of 20, 50, 100, and 200 days, indicating an uptrend in both the short and medium term. The weekly strength indicator RSI given a crossover above its reference line generated a buy signal. The above analysis indicates an upside of Rs 354-368 levels.
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