Indian benchmark indices settled with decent gains on Friday amid the mixed global and domestic cues ahead of the new year. The consistent fall in the Indian rupee is causing concern for the Indian market. BSE Sensex rose 226.59 points, or 0.29 per cent, to end the session at 78,699.07. However, NSE's Nifty50 jumped 63.20 points or 0.27 per cent, to settle at 23,813.40 for the day.
Some buzzing stocks including Trent Ltd, Mankind Pharma Ltd and Marico Ltd are likely to remain under the spotlight of traders for the session today. Here is what Mileen Vasudeo, Senior Technical Analyst at Arihant Capital Markets has to say on these stocks ahead of Monday's trading session:
Trent | Buy | Target Price: Rs 7,525-7,730 | Stop Loss: Rs 6,920
We are observing nearly twenty-eight days of consolidation on the daily charts of Trent. At present, the stock has also reclaimed the 50-days of SMA (Rs 6,977). Further, the momentum indicator RSI is positively poised. Even the stock is outperforming the benchmark indices. Combining the above parameter, it is evident that momentum on the upside is likely to continue. Hence, one can buy the stock at current levels with a stop loss of Rs 6,920for a target Rs 7,525 –7,730 levels in a couple of weeks.
Mankind Pharma | Buy | Target Price: Rs 3,250-3,450 | Stop Loss: Rs 2,700
We are observing that prices of Mankind Pharma took support at the 50-days SMA (Rs 2630) on the daily charts and witnessed upside momentum up to Rs 3,054. At present, we are witnessing a retracement of the previous rise. The stock has support at Rs 2,820 to Rs 2,800 level from where prices may reverse on the upside. Even the stock is outperforming the benchmark indices. Hence, one can buy the stock at current levels with a stop loss of Rs 2,700 for a target Rs 3,250 – 3,450 levels in a couple of weeks.
Marico | Buy | Target Price: 690-720 | Stop Loss: Rs 600
We are witnessing a 21-days of consolidation on the daily charts of Marico. The stock has good support at Rs 615 – 610 level. At present, the stock is outperforming the benchmark indices. Even, the momentum indicator RSI is positively poised which suggests the upside momentum can be seen. Hence, one can buy the stock at current levels with a stop loss of Rs 600 for a target Rs 690–720 levels in a couple of weeks.