Indian benchmark indices continued to bleed for another session and ended the week on a dull note amid the rising crude oil prices and a firm US dollar, besides consistent FIIs selling ahead of the Union Budget. BSE Sensex dropped 241.30 points, or 0.31 per cent, to end the session at 77,378.91. NSE's Nifty50 tanked 95 points, or 0.40 per cent, to settle at 23,431.50 for the day.
Some buzzing stocks including Suzlon Energy Ltd, HDFC Bank Ltd and HCL Technologies 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:
HDFC Bank | Buy | Target Price Rs 1,460-1,360 | Stop Loss: Rs 1,750
We are observing a lower top lower bottom formation on the daily charts of HDFC which is the sign of weakness. At present, the stock has tested the 200-days SMA (Rs 1,647) and has closed above it. Even RSI the momentum indicator is negatively poised and the stock is underperforming the benchmark indices. Hence, one can sell the stock at current levels with a stop loss of Rs 1,750 for the targets of Rs 1,460–1,360 in a couple of weeks.
HCL Technologies | Buy | Target Price: Rs 2,200-2,300 | Stop Loss: Rs 1,900
We are observing a consolidation breakout on HCL Technologies with good volume on the daily charts. Further the momentum indicator viz RSI is positively poised and even the stock is outperforming the benchmark indices. Hence, one can buy the stock at current levels with a stop loss of Rs 1,900 for the targets of Rs 2,200–2,300 levels in a couple of weeks.
Suzlon Energy | Sell | Target Price: Rs 45-40 | Stop Loss: 60
We are observing that prices of Suzlon Energy are making a lower low formation on the daily charts, which is a sign of weakness. Further the prices are trading well below 200-days SMA (Rs 60.62) and even momentum indicator viz RSI is negatively poised. At present the stock is underperforming the benchmark indices. Combining the above parameter, it is evident that momentum on the downside is likely to continue. Hence, one can 'sell' the stock at current levels Rs 59 with a stop loss of Rs 60 for a target Rs 45–40 levels in a couple of weeks.