Indian benchmark indices settled higher following a volatile trading session on Thursday. The upward move continued for the fifth straight session despite a mid-session pause, led by heavyweight counters in the fag-end of the session. BSE Sensex zoomed 809.53 points or 1 per cent to end the session at 81,765.86. NSE's Nifty50 surged 240.95 points or 0.98 per cent, to settle at 24,708.40 for the day.
Some buzzing stocks including Zomato Ltd, Indus Towers Ltd, Maharashtra Seamless Ltd, Hindustan Aeronautics Ltd (HAL) and Waaree Energies Ltd are likely to remain under the spotlight of traders for the session today. Here is what a host of brokerage firms have to say on these stocks ahead of Friday's trading session:
Zomato | Range-bound | Resistance: Rs 300-320 | Support: Rs 282
Zomato has been in a consolidation phase for the past three months, moving within a defined range of Rs 245-299. Despite this consolidation, the stock exhibits a strong bullish undertone, supported by its consistent ability to sustain above the 20, 50, 100, and 200 EMAs. This alignment of the moving averages reflects a well-established uptrend, signaling that the stock is underpinned by solid support levels. The RSI remains steady at 68, indicating positive momentum without entering overbought territory, which suggests there is still room for an upward move. A key breakout level to watch is Rs 300. If Zomato decisively crosses and sustains above this level for one or two trading sessions, it could trigger renewed bullish momentum. Based on the technical setup, the stock has potential upside targets of Rs 320 in the near term. On the downside, the bullish view would be invalidated if the stock breaks below the critical support level of Rs 282.
Recommended by: Ameya Ranadive, CMT and Senior Technical Analyst at StoxBox
Hindustan Aeronautics | Buy | Target Price: Rs 4,950-5,100 | Stop Loss: Rs 4,200
Since many months, HAL was trading in a falling channel on the back of heavy profit booking. Recently we have witnessed a breakout from that falling channel which confirms a change of trend. On the daily scale, RSI has just cleared the 60 mark and that indicates a fresh move on the upside. Thus, we advise traders to go long in the stock in the range of Rs 4,450 – 4,550 with a stop loss of Rs 4,200.
Recommended by: Mehul Kothari from Anand Rathi Shares & Stock Brokers
Maharashtra Seamless | Buy | Target Price: Rs 813-835 | Stop Loss: Rs 655
Maharashtra Seamless decisively broke out above the double bottom pattern at Rs 703 with a strong bullish candle on the daily chart, signaling the initiation of a medium-term uptrend. This breakout underscores robust bullish sentiment and the potential for sustained upward momentum. The breakout is further validated by a surge in volume at the breakout level, signifying heightened market participation and confidence in the stock's upward trajectory. This increased activity reinforces the potential for sustained bullish momentum. The stock has broken above the daily upper Bollinger Band, generating a bullish signal. The daily RSI remains above its reference line, reflecting sustained positive momentum and a bullish bias. Following the pattern breakout, the stock is expected to commence an uptrend, with target levels projected at Rs 813-835.
Recommended by: Axis Securities
Indus Towers | Buy | Target Price: Rs 364.5-391 | Stop Loss: Rs 345
Indus Towers is showing signs of bullish momentum and the stock has recently moved above its key moving averages, with the 50-day EMA at Rs 345.70 and the 200-day EMA at Rs 364.57. This indicates a potential trend reversal, especially as the price is hovering near the 200-day EMA, a critical resistance level. The RSI is currently at 63.89, signaling bullish momentum but approaching overbought territory, which may lead to some consolidation in the short term. Volumes have surged significantly, supporting the upward movement and indicating strong buying interest. The immediate resistance lies at Rs 364.57, and the breakout could lead the stock to the target zone of Rs 391. On the downside, the stock has strong support at Rs 345. If it falls below this level, the bullish view will negate.
Recommended by: Ameya Ranadive, CMT and Senior Technical Analyst at StoxBox
Waaree Energies | Buy | Target Price: Rs 3,138-3,245 | Stop Loss: Rs 2,600
Waaree Energies is a newly listed stock and hence we don’t have much of a technical price history. However, the smaller time frame indicates that the stock has been consolidating after a fall post its listing. Now, we are witnessing a breakout along with positive placement of momentum oscillators which indicates a strong bounce. Thus, we advise traders to buy the stock in the range of Rs 2,800 – 2,830 with a stop loss of Rs 2,600 for upside target of Rs 3,138 and Rs 3,245.
Recommended by: Mehul Kothari from Anand Rathi Shares & Stock Brokers