Indian benchmark indices settled sharply lower during the trading session on Friday after the disappointing economic data from the US, which sparked fears of recession in the economy and delays in the rate cuts by the Federal Reserve. BSE Sensex tumbled 885.60 points, or 1.08 per cent, to end the day at 80,981.95. NSE's Nifty50 cracked 293.20 points, or 1.17 per cent, to close at 24,717.70 for the day.
Some buzzing stocks namely ITC Ltd, Hi Tech Pipes Ltd, FSN E-Commerce Ventures Ltd (Nykaa), Jubilant Foodworks Ltd and SRF Ltd are likely to remain under the spotlight of traders for the session today. Here is what a host of brokerage firms have to say on these stocks ahead of Monday's trading session:
ITC | Buy | Target Price: Rs 691
ITC has given a breakout from a Bullish Flag & Pole formation. A trendline breakout in the RSI validates price activity. A reading of 51 in ADX indicates the presence of a strong uptrend. As per the pattern breakout, the target is Rs 691. One can add the stock on declines up to Rs 480. Stop lossRecommended by: Progressive Shares
SRF | Buy | Target Price: Rs 2,800 | Stop Loss: Rs 2,220
Interesting observation is that the SRF's price is currently trading above the long term average 50DMA -200DMA which is a bullish signal. Momentum Indicator RSI showing a positive cross over in daily chart indicates strength. The chart indicates breakout of downward sloping trend line. SRF is a buy above Rs 2,460, add on dips at Rs 2,340 for a target of Rs 2,800 with a strict stop loss of Rs 2,220Recommended by: Nirmal Bang Securities
FSN E-Commerce Ventures | Buy | Target Price: Rs 243-293
A symmetrical triangle formation breakout was spotted in the Nykaa. Volumes support stock price movement. As per the pattern breakout, the target is Rs 293. One can add the stock on declines up to Rs 186.Recommended by: Progressive Shares
Hi Tech Pipes | Buy | Target Price: Rs 200 | Stop Loss: Rs 130
Hi Tech Pipers is well placed above all the important moving averages on a closing basis & Stock is continuously taking support of 100 DMA & 200 DMA. Technically, monthly charts suggest that stock is trading in an upward rising Channel suggesting an up move in the near term. Interesting fact is that’s price is rising along with decent volume indicating strength. RSI is showing strength. Buy Hi Tech above Rs 153, add on dips at Rs 140 for a Target of Rs 200 with a strict stop loss of Rs 130Recommended by: Nirmal Bang Securities
Jubilant Foodworks | Buy | Target Price: Rs 702-805
A symmetrical triangle formation breakout was observed in the Jubilant Foodworks. Inverted Head & Shoulder formation breakout was spotted in the RSI. Positive crossover in MACD indicates a reversal of the trend. As per the pattern breakout, the target is Rs 805. One can add the stock on declines up to Rs 570Recommended by: Progressive Shares
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