Indian headline indices kicked off the week on a muted note and settled slightly lower on Monday amid the volatility triggered ahead of the Union Budget due later on Tuesday. BSE Sensex fell 102.57 points, or 0.13 per cent, to close at 80,502.08, in the previous trading session. The Nifty50 index gave up 21.65 points, or 0.09 per cent to settle at 24,509.25.
Some buzzing stocks namely HDFC Bank Ltd, Colgate-Palmolive (India) Ltd and Quick Heal Technologies 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 Tuesday's trading session:
Quick Heal Technologies | Buy | Target Price: Rs 690-715 | Stop Loss: Rs 545
Quick Heal has demonstrated a breakout from the consolidation range at Rs 575 levels on the weekly chart, signaling medium-term uptrend. The stock found support and bounced back from 30-week SMA support around Rs 454 levels. The weekly strength indicator (RSI) sloping upward along with a positive crossover , confirming a rising strength on price breakout. It also gave a crossover above its reference line and generated a buy signal. The above analysis indicates an upside of Rs 690-715 levels.Recommended by: Axis Securities
HDFC Bank | Buy | Target Price: Rs 1,745-1,850 | Stop Loss: Rs 1,580
HDFC Bank after the recent correction has indicated a higher low formation pattern on the daily chart taking support at the Rs 1,600 zone of the significant 50EMA zone and technically, with the chart looking attractive and is well positioned to carry on with the positive move further ahead in the coming days. The RSI has cooled off from the highly overbought zone and is currently well placed indicating a positive trend reversal to signal a buy on the daily chart. With the result outcome done, as of now and with much upside potential visible, we suggest to buy the stock for an upside initial target of Rs 1,745 level and thereafter, with strength sustaining can carry on with the upward move till the second target of Rs 1,850 levels, keeping stop loss of Rs 1,580.Recommended by: Prabhudas Lilladher
Colgate Palmolive(India) | Buy | Target Price: Rs 3,350-3,435 | Stop Loss: Rs 2,900
ColPal has confirmed a multi-week resistance breakout at Rs 3,030 levels on the weekly chart, indicating the continuation of the medium-term uptrend. Since the past couple of years, the stock is trending higher in up-sloping channel formation which reconfirms strong uptrend. It is positioned above key short and medium-term moving averages of 20, 50, 100, and 200 days, indicating a positive bias. The weekly strength indicator RSI is holding above its reference line indicating positive bias. The above analysis indicates an upside of Rs 3,350-3,435 levels.Recommended by: Axis Securities
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