Indian benchmark indices erased the entire gains and settled lower on Tuesday on the back of feeble global cues. Fears of recession and geopolitical tension in the Middle East continued to spook traders across the globe. BSE Sensex dropped 166.33 points, or 0.21 per cent, to end the day at 78,593.07. NSE's Nifty50 declined 63.05 points, or 0.26 per cent, to close at 23,992.55 for the day.
Some buzzing stocks namely NHPC Ltd, Eicher Motors Ltd and Vedanta Ltd are likely to remain under the spotlight of traders for the session today. Here is what Santosh Meena, Head of Research at Swastika Investmart has to say on these stocks ahead of Wednesday's trading session:
NHPC | Resistance: Rs 105-118 | Support: Rs 88-85
NHPC is showing signs of distribution, having broken its trendline support. It is likely to head towards its 200-DMA, positioned around the Rs 88-85 zone. The near-term structure is weak, with a double top formation observed at the Rs 118 level. In the immediate term, the 20-MA around Rs 105 will act as a key hurdle.
Vedanta | Resistance: Rs 440 | Support: Rs 400
Vedanta is currently in a short-term corrective phase after a strong bull run from Rs 240 to Rs 480 levels. The 100-DMA around the Rs 400 level serves as an immediate and key support. The possibility of a fresh round of buying remains as long as it trades above this level. However, if it slips below Rs 400, the bullish structure will be compromised. On the upside, the 20-DMA around 440 will act as an important hurdle.
Eicher Motors | Resistance: Rs 4,900-5,000 | Support: Rs 4,550-4,200
Eicher Motors is exhibiting a pullback within a bullish momentum, with the 100-DMA at Rs 4,550 serving as an immediate and critical support level, where a bounce back is expected. If it falls below the 100-DMA, there is a risk of further profit booking towards the 200-DMA, around the 4200 level, which coincides with a previous breakout level. On the upside, the 4900-5000 area will remain a key supply zone.
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