Indian headline settled slightly higher during the trading session on Tuesday as the profit booking trimmed the gains. However, the outcome of the US Fed meeting this week and rate cut cues will guide the market sentiments in the near term. The BSE's barometer Sensex gained 99.56 points, or 0.12 per cent, to end the day at 81,455.40. NSE's Nifty50 rose 21.20 points, or 0.09 per cent, to close at 24,857.30.
Some buzzing stocks namely Tata Motors Ltd, Maruti Suzuki India Ltd and Mahindra & Mahindra Ltd (M&M) 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 Tuesday's trading session:
Mahindra & Mahindra | Resistance: Rs 3,000-3,200 | Support: Rs 2,820-2,765
The chart for M&M looks very promising, having recently broken out of a flag formation on the daily time frame. Additionally, it is forming higher highs and higher lows on the weekly time frame. Currently, it is trading above all moving averages. Technically, the first hurdle will be at the Rs 3,000 level, with a significant number of call writers positioned. If it surpasses Rs 3,000, a move towards Rs 3,200 can be expected. On the downside, the first support will be at Rs 2,820, where the 20 DMA is placed. Any slip below this could lead towards the Rs 2,765 level.
Tata Motors | Resistance: Rs 1,200-1,350 | Support: Rs 1,065-1,000
Tata Motors' charts appear very promising after the stock broke out from a flag formation over a longer time frame. The stock has demonstrated an impressive bull run, climbing nearly 10 per cent in a week. Additionally, a breakout in Nifty Auto has added strength to the sector. Technically, the first hurdle is at the Rs 1,200 level. Surpassing Rs 1,200 could propel the rally towards the Rs 1,350 level. On the downside, the initial support is at Rs 1,065. A slip below this could lead to further weakness, targeting the crucial support level at Rs 1,000.
Maruti Suzuki India | Resistance: Rs 14,000-15,000 | Support: Rs 12,500-12,000
Maruti Suzuki is trading within a long range on the daily time frame. Strength in the sector suggests a potential breakout is possible. A breakout above Rs 13,000 could propel the counter towards the Rs 14,000 and Rs 15,000 levels in the short term. On the downside, the first support level is at Rs 12,500, where a cluster of moving averages (20, 50, & 100) are positioned. A slip below this could lead to the major trendline support at Rs 12,000.
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