Selling at Dalal Street continued in the new week as Indian benchmark indices saw another session of intense selling pressure led by weak global cues. Expectations of fewer rate cuts and a strong US dollar dented the sentiments at Dalal Street. BSE Sensex crashed 1,048.90 points, or 1.36 per cent, to end the session at 76,330.01. NSE's Nifty50 tanked 345.55 points, or 1.47 per cent, to settle at 23,085.95 for the day.
Some buzzing stocks including Eris Lifesciences Ltd, Dabur India Ltd and HCL Technologies Ltd are likely to remain under the spotlight of traders for the session today. Here is what Vishnu Kant Upadhyay, AVP - Research and Advisory at Master Capital Services has to say on these stocks ahead of Tuesday's trading session:
HCL Technologies | Buy | Target Price: Rs 2,140-2,180 | Stop Loss: Rs 1,889
HCL Technologies has recently witnessed a breakout from an ascending triangle pattern on the daily chart, supported by a significant surge in trading volumes, indicating strong buying interest. The stock is trading above key moving averages, including the 21-day and 55-day EMA, reflecting a robust upward momentum. The RSI is trending upward, showing strength without being overbought, while the MACD has crossed above the signal line, further supporting the bullish sentiment. The breakout suggests the continuation of the prevailing uptrend, with the potential for further upside towards Rs 2,140 and Rs 2,180.
Eris Lifesciences | Buy | Target Price: Rs 1,400 | Stop Loss: Rs 1,212
Eris Lifesciences is currently trading near the lower range of its consolidation box, a key support level, which enhances the probability of a bullish revival. The stock has respected this range in the past, indicating strong demand at lower levels. The 200-day EMA positioned below the current price further reinforces the support zone. The RSI is hovering near the oversold territory, signaling the potential for a positive reversal. While the MACD is yet to confirm a bullish crossover, its proximity to the signal line hints at a possible uptrend in momentum.
Dabur India | Buy | Target Price: Rs 580 | Stop Loss: Rs 480
Dabur India is trading near a critical support zone around Rs 490-500, a level that has historically acted as a strong base for the stock. The price action shows signs of recovery, supported by a positive close in recent sessions. The 100-month EMA positioned slightly below the current price strengthens the support area, providing additional confidence for a potential reversal. RSI is gradually inching higher from oversold territory, suggesting improving momentum. The MACD histogram also reflects diminishing bearish pressure, hinting at a possible bullish crossover. If the stock sustains above the Rs 490-480 level, it could initiate an upward move toward Rs 580 in the medium term.