Indian benchmark indices continued to settle lower for another trading session on Friday as the muted quarterly earnings and FIIs selling continued to haunt investors amid the rising fears of the trade tariff tantrums by the US government. BSE Sensex dropped 199.76 points, or 0.26 per cent, to end the session at 75,939.21. NSE's Nifty50 tanked 102.15 points, or 0.44 per cent, to settle at 22,929.25 for the day.
Some buzzing stocks including ICICI Bank Ltd, One Point One Solutions Ltd and Axis Bank Ltd are likely to remain under the spotlight of traders for the session today. Here is what a host of brokerage firms said about these stocks ahead of Monday's trading session:
ICICI Bank | Buy | Target Price: Rs 1,380-1,445 | Stop Loss: Rs 1,190
ICICI Bank is currently trading at Rs 1,254 after correcting nearly 12 per cent from its recent swing high over the past two months. The stock has maintained a strong long-term uptrend, forming higher highs and higher lows within a Rising Channel on the weekly timeframe. It has shown signs of reversal by rebounding from the lower boundary of this channel, indicating the potential for further upward momentum. Key resistance levels and upside targets are identified at Rs 1,380 and Rs 1,445. On the downside, strong support is evident around Rs 1,190. ICICI Bank has bounced from its medium-term 50-day EMA and is currently trading near its short-term 20-day EMA. A sustainable move above these levels would further confirm bullish strength and a continuation of the uptrend.
Recommended by: Choice Broking
Axis Bank | Buy | Target Price: Rs 1,107 | Stop Loss: Rs 955
Axis Bank declined has bounced up in the last two weeks to start sustaining above its 8-day EMA. The recent up move has been on the back of higher than average traded volume and delivery volume. The series has a cumulative future open interest of 111.3 million shares as against last 3-series average of 69.1 million shares as observed on the day of inception. With open interest on the higher side, we expect further short covering to prevail. The stock has underperformed the Nifty and Nifty Bank by 3 per cent each on a quarter-to-date basis. The stock has relatively strong seasonality in the 2nd quarter of the calendar year with the bottom formation in the first quarter. In the last 10 years, the stock has closed in the green in the second quarter on 8 occasions with an average return of 6 per cent.
Note: Target Price and stop loss are derived from the ratios given and Nifty's close on Friday.
Recommended by: JM Financial
One Point One Solutions | Buy | Target Price: Rs 65 | Stop Loss: Rs 44
After reaching a high near Rs 77.5, One Point One Solutions dropped about 40 per cent (31 points) and recently completed a 1:1 corrective leg at a key support zone. This area aligns with the S3 monthly, quarterly, and yearly Camarilla pivot supports. Additionally, the current price is near the 0.382% retracement of the uptrend from August 2022 to August 2024, indicating a potential reversal. A long position is advised in the 50-52 range, targeting 65 for a rebound. To manage risk, a stop-loss at 44 (closing basis) is set.
Recommended by: Anand Rathi Shares & Stock Brokers