Indian benchmark indices ended Wednesday's trading session with mild gains ahead of the US Fed's monetary policy later in the day where it signaled only a single rate cut in this year. BSE Sensex jumped 149.98 points, or 0.20 per cent to settle at 76,606.57. NSE's Nifty50 index rose 58.10 points, or 0.25 per cent, to end the session at 23,322.95.
Some buzzing Tata Group stocks namely Tata Motors Ltd, Tata Consultancy Services Ltd (TCS) and Titan Company Ltd are likely to remain under the spotlight of traders for the session today. Here is what Laxmikant Shukla, Technical Research Analyst at YES Securities has to say on these stocks ahead of Thursday's trading session:
Titan Company | Caution | Resistance: Rs 3,500 | Support: Rs 3,200
Titan has been trading sideways for the past three days, following a pullback from its lower levels and has yet to show a clear directional bias. On the daily chart, it faces significant resistance around the Rs 3,475-3,500 range, near the bearish crossover of the 50 and 200 SMAs. Additionally, the daily RSI is hovering below the 50 mark, indicating market indecision. However, a strong support base has been established around the Rs 3,200 level. Consequently, a decisive breakout in either direction is needed to signal a definitive trend.
Tata Motors | Buy | Target Price: Rs 1,070 | Stop Loss: Rs 950
Tata Motors is showing signs of a potential recovery, after a gradual decline on May 24, where prices fell from a peak of Rs 1,050 to a low of Rs 855. Pausing near its 20-week SMA, the stock hints at a turnaround from the recent downtrend. It has breached the peak of Hammer candle while forming a bullish candle on the daily chart. These factors suggest a potential resurgence, with targets possibly reaching Rs 1,070. The overall sentiment remains positive as long as Tata Motor maintains its level above Rs 950.
Tata Consultancy Services | Buy | Target Price: Rs 4,000 | Stop Loss: Rs 3,740
TCS has experienced downward pressure in the past three days. This gradual decline has brought prices down towards the key support zone around Rs 3,800 near its 20 SMA. Additionally, at a similar level, the line of parity is evident, which could act as an additional support for the stock. Looking forward, if the mentioned support levels hold, we may anticipate a bounce towards the Rs 3,950-4,000 zone. However, failure to maintain the mentioned support level would indicate a continuation of the selling pressure, potentially pushing the stock towards Rs 3,740.
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