Indian benchmark indices settled lower on Thursday amid a slew of mixed cues. Inline inflation numbers from the US have put Indian economic data in the centre stage. BSE Sensex dropped 236.18 points, or 0.29 per cent, to end the session at 81,289.96. NSE's Nifty50 dropped 93.10 points or 0.38 per cent, to settle at 24,548.70 for the day.
Some buzzing stocks including Hindustan Aeronautics Ltd (HAL), Cholamandalam Investment and Finance Company Ltd and Morepen Laboratories Ltd are likely to remain under the spotlight of traders for the session today. Here is what host of brokerage firms have to say on these stocks ahead of Friday's trading session:
Cholamandalam Investment and Finance Company | Buy | Target Price: Rs 1,500 | Stop Loss: Rs 1,280
Post the decline from highs of Rs 1,650 levels to a low of Rs 1,181, Chola Finance in the last few weeks has been consolidating in a range of Rs 1,181-1,320 levels. It witnessed an upside breakout of the range yesterday on the back of higher than average traded volumes and delivery volumes. 50-day EMA has started expanding over the 200-day EMA, suggesting further strength to prevail. In the last few sessions, open interest has declined, suggesting short covering. A round of further short covering cannot be ruled out.
Recommended by: JM Financial
Morepen Laboratories | Buy | Target Price: Rs 104 | Stop Loss: Rs 80
Recently, Morepen Labs demonstrated a decisive bullish breakout, surpassing the R4 Camarilla daily pivot level, a key resistance point that often marks a significant shift in price action. This breakout is supported by the stochastic indicator, which has entered the overbought zone, reflecting strong buying interest and solid upward momentum. Adding to the bullish outlook, the stock has successfully breached a three-month-old trend line, further strengthening the positive bias and highlighting the robustness of the underlying trend. Based on these technical indicators, a strategic buy is recommended in the price range of Rs 86-90, with an expected target of Rs 104. To mitigate risk, a stop-loss at Rs 80, based on a daily closing basis.
Recommended by: Anand Rathi Shares & Stock Brokers
Hindustan Aeronautics | Buy | Target Price: Rs 5,150 | Stop Loss: Rs 4,390
Post the stellar performance in the 1st half of the current calendar year, HAL in the last 5 months had declined from a high of Rs 5,675 levels to a low of Rs 3,920 levels. Technically, the stock has been moving in a downward sloping channel pattern. It has witnessed an upside break-out of the pattern today, suggesting further strength to prevail. The stock has already negated the bearish formation of lower top lower bottom in the previous month The shorter term EMAs has started converging towards the longer term EMAs. The stock is now trading above all its key long term and short term EMAs. Interestingly, the average trading volumes and delivery volumes on upsides has been on the higher side in comparison to volumes on downsides, suggesting cash-based buying at these levels.
Recommended by: JM Financial