Indian benchmark indices settled slightly lower on Tuesday ahead of the mid-week holiday. Traders are awaiting Q3 results and Union Budget cues after the new year festive season. BSE Sensex shed 67.30 points, or 0.09 per cent, to end the session at 78,472.87. NSE's Nifty50 dropped 25.80 points or 0.11 per cent, to settle at 23,727.65 for the day.
Some buzzing Nifty50 stocks including Reliance Industries Ltd (RIL), ITC Ltd and ICICI Bank Ltd are likely to remain under the spotlight of traders for the session today. Here is what Vishnu Kant Upadhyay, AVP - Research and Advisory at Master Capital Services has to say on these stocks ahead of Thursday's trading session:
ICICI Bank | Buy | Target Price: Rs 1,350-1,370 | Stop Loss: Rs 1,250
ICICI Bank is displaying a strong bullish structure as prices continue to trade within an ascending channel on the weekly chart. The stock is consolidating near the upper range of the channel, maintaining higher highs and higher lows. The 21-week EMA is providing robust support and aligns with the rising trendline, reinforcing the bullish bias. The recent price action is accompanied by healthy volume, indicating sustained buying interest. The RSI is trending above 50, suggesting room for further upside without entering the overbought zone.
ITC | Buy | Target Price: Rs 449 | Stop Loss: Rs 511-523
Prices of ITC are witnessing a robust bullish structure, with the stock bouncing off a key trendline support on the weekly chart. The 55-week EMA at 461 is acting as a strong base, confirming the stock's uptrend. The recent price action, marked by a higher close and increased volumes, indicates renewed buying interest. The formation of higher lows reinforces the positive sentiment. Additionally, momentum indicators like RSI are trending above the neutral zone, signaling strength. A sustained trading above 451, the recent swing low, will lead to further upside, with the stock likely aiming for its previous highs in the 511-523 range.
Reliance Industries | Buy | Target Price: Rs 1,328 | Stop Loss: Rs 1,145
Reliance Industries is currently finding support near a rising trendline on the monthly chart, signaling a potential reversal from recent corrections. The 50-month EMA has acted as a robust support level, reinforcing the bullish undertone. Despite the correction, the stock maintains its long-term upward trajectory. The monthly RSI is holding at 45.70, indicating that the stock is neither in oversold territory nor overbought, leaving room for a fresh upside move. Additionally, the MACD indicator, although in the negative zone, shows signs of convergence.