Indian benchmark indices settled sharply lower on Tuesday on the back intense selloff triggered by carnage in the midcap and smallcap counters. The sluggish Q2 earnings by India Inc is denting the sentiments. BSE Sensex tumbled 930.55 points or 1.15 per cent, to end the session at 80,220.72. NSE's Nifty50 crashed 309 points, or 1.25 per cent, to close at 24,472.10 for the day.
Some buzzing stocks including Hindustan Unilever Ltd (HUL), SRF Ltd and ITC Ltd 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:
Hindustan Unilever | Resistance: Rs 2,715 | Support: Rs 2,620 HUL has recently provided a breakdown of the typical head-and-shoulders pattern on the daily timeframe. The overall structure appears weak, with Nifty FMCG showing signs of further downside potential. The initial support level is at Rs 2,660; if this level is breached, we could see a decline toward Rs 2,620, where the 200-DEMA is positioned. On the upside, a significant hurdle lies at Rs 2,715, marked by the 100-DEMA.
SRF | Resistance: Rs 2,222 | Support: Rs 2,100-2,000 SRF has been confined within a strong range, with Rs 2,700 serving as a significant supply zone and Rs 2,100 functioning as a demand zone on the longer timeframe. Given the current weakness, with the price trading below all moving averages, there appears to be potential for a decline towards Rs 2,100 and possibly Rs 2,000. In the event of a pullback, 2222 will act as an immediate resistance level.
ITC | Resistance: Rs 500 | Support: Rs 475 ITC has witnessed a heavy sell-off from higher levels, correcting nearly 9 per cent over the past month. It is currently approaching an important support zone at Rs 475, where the 100-DEMA is located. If the price slips below the 100 DEMA, it could signal further weakness, potentially leading to a decline toward the 200-DEMA) at Rs 465. On the upside, a key resistance level to watch is the Rs 500 mark.