The Indian benchmark ended flat, mostly unchanged, on Tuesday amid the absence of any major triggers. Headline indices remained choppy for the day amid some profit booking. BSE Sensex shed only 4.40 points or 0.01 per cent, to end the session at 82,555.44. NSE's Nifty50 inched up merely 1.15 points to close at 25,279.85 for the day.
Some buzzing stocks including Infosys Ltd, Tata Communications 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:
Infosys | Buy above Rs 2,000 | Target Price: Rs 2,200 | Stop Loss: Rs 1,800
Infosys is having a very bullish chart, as it is forming higher highs and higher lows for formation on the daily chart. Overall structure of the counter looks lucrative, but it is facing resistances at the higher level at Rs 2,000, above which, we can expect a big rally till Rs 2,200, while on the lower side, Rs 1,800 is the demand level at any correction. Momentum indicators are positively poised to support the current strength of the trend.
Tata Communications | Rangebound| Resistance: Rs 2,100 | Support: Rs 1,800
Tata Communications is in long consolidation between Rs 1,700-2,000 zones. Breakout will be confirmed above Rs 2,100. It is bottoming out from the lower levels, where a cluster of moving averages formed a strong base at around Rs 1,800 levels. The structure is very bullish for long term investment, as it is trading above all key moving averages. However, momentum indicators such as the RSI and MACD are currently in a negative position. On the upside, Rs 2,100 is a significant psychological resistance level. If it surpasses this level, we can anticipate a move towards the Rs 2,200 levels in the near term. On the downside, Rs 1,800 serves as the support level.
Hindustan Aeronautics | Buy above Rs 5,000 | Target Price: Rs 6,000 | Stop Loss: Rs 4,400
After a massive rally in 2023-2024, Hindustan Aeronautics has shown profit booking from the higher levels at Rs 5,600. Now at Rs 4,450 levels it takes support at 100-DMA and on the higher levels 50-DMA acts as a hurdle at around Rs 5,000. Long term can take a new position only above Rs 5000 levels with stop loss of Rs 4,400 for the target of Rs 6,000.