Indian benchmark indices ended 2024 on a muted note and settled lower on Tuesday, the trading session of the year. Interestingly, headline indices scripted a smart recovery from the day's low. BSE Sensex shed 109.12 points, or 0.14 per cent, to end the session at 78,139.01. However, NSE's Nifty50 eked out merely 0.10 points to settle at 23,644.80 for the day.
Some buzzing stocks including ITC Ltd, ICICI Bank Ltd and Indus Towers 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:
ITC | Support: Rs 460| Resistance: Rs 500-530
ITC has established a strong base at its 200-DMA, with the chart indicating a potential upside. A trend line breakout has occurred, opening the possibility for an upward move toward the next psychological resistance level at Rs 500. Beyond Rs 500, the counter could revisit its all-time high of Rs 530 in the short to mid-term. On the downside, 460 will serve as a crucial support level, aligning with the 200 DMA.
Indus Tower | Support: Rs 325-310 | Resistance: Rs 360-390
Indus Tower has been exhibiting a sideways trend for a prolonged period, with a cluster of moving averages acting as an immediate resistance zone. A breakout from the falling wedge pattern is awaited above the critical Rs 350 level. Once this breakout occurs, Rs 360 will serve as an important resistance level, as both the 100-day and 200-day moving averages are positioned there. Beyond Rs 360, the next target area is Rs 390, indicating a potential continuation of the upward movement. On the downside, Rs 325 will act as the first significant support level. If this level is breached, the next critical support is at Rs 310.
ICICI Bank | Support: Rs 1,250-1,200 | Resistance: Rs 1,350-1,400
ICICI Bank has been trading within a volatile 100-point range, reflecting heightened uncertainty in the current market scenario. This range is expected to persist, with Rs 1,250 serving as a key support level and Rs 1,350 acting as a significant resistance. A breach below the Rs 1,250 mark could pave the way for a decline toward Rs 1,200, where the 200-DMA is positioned, providing critical support. On the upside, a breakout above Rs 1,350 would signal renewed bullish momentum, potentially opening the door for a rally toward the Rs 1,400 level.