Indian headline indices ended the budget session on a muted note on Tuesday after wild swings led by the taxation announcements by the Finance Minister Nirmala Sitharaman. BSE Sensex shed 73.04 points, or 0.09 per cent, to close at 80,429.04 amid the budget volatility. The Nifty50 index declined 30.20 points, or 0.12 per cent to settle at 24,479.05.
Some buzzing largecap stocks namely HDFC Bank Ltd, Bharat Electronics Ltd (BEL) and Bajaj Finserv Ltd are likely to remain under the spotlight of traders for the session today. Here is what a host of brokerages have to say on these stocks ahead of Wednesday's trading session:
Bharat Electronics | Buy | Target Price: Rs 340-360 | Stop Loss: Rs 290
BEL has recently reversed from 50-EMA with significant volume, suggesting a potential reversal and a robust bullish trend. A breakout above Rs 315 could drive the stock towards the Rs 340 and Rs 360 levels, with immediate resistance at Rs 329. On the downside, Rs 300 and Rs 290 stand as critical support levels. Moreover, following a prolonged correction, the stock has reversed from the support level. The relative strength index (RSI) is currently at 50.8, indicating an upward trajectory and growing buying momentum. Taken together, these technical indicators suggest that BEL has the potential to reach Rs 340-360 target in the near term. A prudent strategy would involve considering buying opportunities on dips around Rs 300-levels. It is essential to implement prudent risk management strategies to navigate potential market fluctuations.Recommended by: Choice Broking
HDFC Bank | Buy | Target Price: Rs 1,750 | Stop Loss: Rs 1,584
HDFC Bank has given a breakout from its recent consolidation on the daily timeframe, indicating a rise in optimism. The stock found support at the 50 EMA prior to the recent rally. The RSI on the daily chart is in a bullish crossover. Based on this technical setup, we can expect a decent up move in the stock price. Over the short term, the stock might move towards Rs 1,750, while support is placed at Rs 1,584.Recommended by: LKP Securities
Bajaj Finserv | Buy | Target Price: Rs 1,750-1,60 | Stop Loss: Rs 1,540
Bajaj Finserv has been consolidating in broader range of Rs 1,520-1,620 levels from last more than three months with prices seen hovering around its 200 days exponential moving average on daily charts. Over the period of consolidation, the stock has formed an Inverted Head & Shoulder pattern. This week we have observed a fresh breakout into the stock above the neckline of the pattern formation. The sudden spike in volume activity along with breakout suggests further upside into the stock. Therefore, one can buy the stock in range of Rs 1,620-1,640 levels for the upside target of Rs 1,750-1,760 levels with stop loss below Rs 1,540 levels.Recommended by: SMC Global Securities
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