Indian benchmark indices settled lower for another trading session on Wednesday on the back of weak global cues which triggered profit booking among the traders amid fading hopes of rate cuts by the US Fed. BSE Sensex tanked 667.55 points, or 0.89 per cent to settle at 74,502.90. NSE's Nifty50 index declined 183.45 points, or 0.80 per cent, to end the session at 22,704.70.
Some buzzing stocks included in Rekha Rakesh Jhunjhunwala namely Titan Company Ltd, Fortis Healthcare Ltd and Canara Bank 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 3,235 | Support: Rs 2,890 Titan has been moving sideways for the past four weeks, following profit-taking from the previous month and has not shown a clear directional bias. On the daily chart, it encounters significant resistance around the Rs 3500-3535 levels. Additionally, the daily RSI is lingering below the 50 mark, signaling market indecision. Conversely, a strong support base has been established around the Rs 3300 levels. Therefore, a decisive breakout in either direction is anticipated to indicate a definitive trend.
Canara Bank | Caution | Resistance: Rs 120 | Support: Rs 110 Canara Bank remained sideways for the last seven-ten days reflecting a pause in the ongoing bullish rally following the formation of bearish candles on the daily chart. The sentiment may continue to remain sideways due to lack of a directional breakout or pattern formation. At the higher end, the level of Rs 120 might prove to be a crucial resistance level. A fresh rally is not anticipated as long as the stock remains below Rs 120. On the lower end, support is evident at Rs 110-106 zone.
Fortis Healthcare | Buy | Target Price: Rs 498 | Stop Loss: Rs 445 Fortis is in a secular uptrend, consistently trading above its long and short moving averages on the daily chart. Recently, the stock has gained significant momentum, approaching its 52-week high. Sustaining above its 20 SMA and defending its prior week low indicates a bullish trend. Technically, the 14-period RSI has made a positive crossover, reinforcing the bullish outlook. Therefore, we recommend buying Fortis around Rs 458-460, with a stop-loss at Rs 445 and a target of Rs 498.
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