Domestic stock indices settled higher on Wednesday after seeing intraday weakness, thanks to the fag-end buying in Reliance Industries Ltd and other index heavyweights. The BSE Sensex jumped 271.50 points, or 0.38 per cent, to settle at 71,657.71. The NSE Nifty gained 73.85 points, or 0.34 per cent, to end the day at 21,618.70. A few stocks namely ICICI Bank Ltd, Tata Steel Ltd and Cipla Ltd are likely to be on trader radar today. Here is what Laxmikant Shukla, Technical Research Analyst at YES Securities has to say on these stocks ahead of Thursday's trading session:ICICI Bank | Buy | Target Price: Rs 1,080 | Stop Loss: Rs 945 ICICI Bank is now showing signs of a potential recovery after experiencing a significant downturn in December 2023, where its price dropped sharply from a peak of Rs 1,043 to a low of Rs 974. The stock is taking a breather near its 20-week SMA, indicating a potential reversal in the trend. A breakout is expected beyond the Rs 1,002 level, in proximity to its 20-day moving average, suggesting the possibility of a strength gain up to Rs 1,080. The outlook remains positive as long as the stock holds above Rs 945.Tata Steel | Buy | Target Price: Rs 153 | Stop Loss: Rs 125 Tata Steel has found support from its rising trendline at its near-term support zone, following a brief corrective move. At present, the stock appears poised for a breakout above its previous swing high. Evaluating the overall market structure, one can anticipate that Tata Steel may demonstrate additional upward momentum towards the levels of Rs 153. Therefore, considering the bullish outlook, one may consider initiating a buy position on the counter with a stop loss at Rs 125.Cipla | Buy | Target Price: Rs 1,460 | Stop Loss: Rs 1,265 Cipla has demonstrated a noteworthy breakthrough, exceeding the prior swing high accompanied by considerable trading volumes, indicating a sustained momentum in the ongoing trend. The momentum indicator, RSI, further reinforces the bullish sentiment by consistently staying near the critical level. Regarding support and potential gains, the stock has established a robust foundation at the lower end, approximately at Rs 1,265. This level is expected to serve as a support, acting as a safeguard against any potential downward movement.
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