Indian benchmark indices settled lower on Thursday amid the mixed cues. Global uncertainties and concerns are denting the sentiments on the street. However, traders are now awaiting RBI's monetary policy due later this week. BSE Sensex tanked 312.53 points, or 0.40 per cent, to end the session at 78,271.28. NSE's Nifty50 plunged 42.95 points, or 0.18 per cent, to settle at 23,696.30 for the day.
Some buzzing result bound stocks including State Bank of India (SBI), Hero MotoCorp Ltd and Trent Ltd are likely to remain under the spotlight of traders for the session today. Here is what Aashish Shetty, Technical Research Analyst at Axis Securities has to say on these stocks ahead of Wednesday's trading session:
State Bank of India | Support: Rs 722.5| Resistance: Rs 6,400-7,500
State Bank of India (SBI) has experienced a decline of over 20 per cent from it's all-time high and is currently trading in a consolidation phase. The overall sentiment remains bearish, with a breach of the recent low at Rs 722.5 potentially paving the way for a further decline toward the Rs 630 level. On the upside, a sustained and strong close above Rs 810 would be required to signal a shift in momentum toward a bullish outlook.
Trent | Support: Rs 5,300 | Resistance: Rs 6,400-7,500
Trent has found support at a critical level of Rs 5,250-Rs 5,300, with the recent January decline mirroring the magnitude of the October-November drop, completing an AB=CD pattern. This suggests the potential for an upward move, with the stock likely to test the intermediate high of Rs 7,500. However, Ichimoku charts indicate resistance around Rs 6,400. This outlook would be invalidated if the stock breaches the Rs 5,300 support level.
Hero MotoCorp | Support: Rs 3,500-3,200 | Resistance: Rs 4,500-5,200 Hero MotoCorp has been in a downtrend since September 2024, with its late January 2025 recovery facing resistance around the Rs 4,500 level, which aligns with the Ichimoku Cloud bottom. The stock is likely to trade sideways with a bearish bias, potentially declining further to the Rs 3,500-3,700 range. If the downtrend persists, a test of Rs 3,200 levels could be on the cards. Conversely, a strong close above Rs 4,500 could signal a reversal, paving the way for a rally toward Rs 5,200.