Indian benchmark indices settled sharply lower on Tuesday, thanks to the fag-end selling during the session. Muted global cues and consistent FIIs selling weighed on the market sentiments. BSE Sensex crashed 692.89 points, or 0.87 per cent, to end the day at 78,956.03. NSE's Nifty50 tanked 208 points, or 0.85 per cent, to close at 24,139 for the day.
Some buzzing stocks namely Bharti Airtel Ltd, HDFC Bank Ltd and Hindustan Aeronautics Ltd (HAL) are likely to remain under the spotlight of traders for the session today. Here is what Pravesh Gour, Senior Technical Analyst at Swastika Investmart has to say on these stocks ahead of Wednesday's trading session:
Bharti Airtel| Resistance: Rs 1,520-1,600 | Support: Rs 1,400-1,360
Bharti Airtel is trading within a range on the daily time frame between the Rs 1,400 and Rs 1,520 levels. Here, Rs 1,400 acts as immediate support, while Rs 1,520 serves as resistance. A breakout above Rs 1,520 could trigger a rally towards new highs of Rs 1,600 and Rs 1,700 in the short term. On the downside, a breakdown below Rs 1,400 could lead to a decline towards an important support level at Rs 1,360, where the 100 DMA is positioned.
Hindustan Aeronautics | Resistance: Rs 4,850-5,000 | Support: Rs 4,600-4,480
Recently, Hindustan Aeronautics has experienced corrections from higher levels but has found support at its 100 DEMA and shown a pullback. Technically, the counter is trading within a range where Rs 4,850 serves as a key resistance level at 20-DMA. If the price surpasses Rs 4,850, a rally towards Rs 5,000 level is expected. On the downside, Rs 4,600 is the important support and below this we can expect 4480 level.
HDFC Bank | Resistance: Rs 1,630 | Support: Rs 1,600-1,540
HDFC Bank had a weak start following the news, tumbling by nearly 3.5 per cent in a day and slipping below its 20 and 50 DMA. Technically, the immediate support level is at Rs 1600, where a significant number of put writers are positioned. A slip below this level could lead to further weakness towards the crucial support at Rs 1,540, where the 200 DMA is placed. On the upside, the key hurdle will be at the Rs 1,630 level.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.