Airtel, SBI Life, HDFC AMC, Narayana Hrudayalaya: Trading strategy for these buzzing stocks

The domestic equity market will resume trade on Wednesday after remaining shut in the previous day on account of Ganesh Chaturthi. To recall, key stock indices had snapped a 11-day winning streak on Monday ahead of the US Fed's two-day policy review. The BSE Sensex dropped 241.79 points, or 0.36 per cent, to 67,596.84. The NSE Nifty50 gave up 59.05 points, or 0.29 per cent, to settle at 20,133.30. Select stocks namely Bharti Airtel, HDFC Asset Management Company, SBI Life Insurance Company and Narayana Hrudayalaya could see some action today. Here is what Axis Securities has to say on these stocks ahead of Wednesday's trading session:HDFC Assets Management Company | Buy | Target Price: Rs 2,970-3,085 | Stop Loss: Rs 2,525 The weekly chart of HDFC AMC reflects a noteworthy breakout, as the stock moved beyond its consolidation range of Rs 2,600-2,360 levels, following a sharp rally. The stock is establishing a pattern of higher high-low on the weekly chart, forming an upward-sloping trendline that  implies a favorable trend. The stock has established a medium-term support level at Rs 2,364, which corresponds to a 23 per cent Fibonacci retracement from the price range of Rs 1,590-2,600. The weekly strength indicator RSI has given a crossover above its reference line and generated a ‘buy’ signal. The analysis indicates an upside target of Rs 2,970-3,085 levels.Narayana Hrudayalaya | Buy | Target Price: Rs Rs 1,213-1,285 | Stop Loss: Rs 1,013 The weekly chart of Narayana Hrudayalaya demonstrated a significant breakout, as the stock moved beyond the consolidation range of Rs 1,070-980 after a sharp rally. During the pattern formation, the volume dwindled but, at the breakout point, there was a noticeable increase in volumes. This signified heightened participation and interest at the breakout. A noteworthy observation is that the stock has solidified a medium-term support level at Rs 988, which aligns with a 23 per cent Fibonacci retracement from the price range spanning from Rs 705 to Rs 1,077. The weekly strength indicator RSI has given a crossover above its reference line and generated a 'buy’ signal. The analysis indicates an upside target of Rs 1,213-1,285 levels.SBI Life Insurance Company | Buy | Target Price: Rs 1,430-1,475| Stop Loss: Rs 1,322 On the weekly chart , SBI Life has convincingly broken above its medium term 'multiple resistance' zone at around Rs 1,340 level, signalling continuation of an upward momentum. The stock is currently following a medium-term rising channel, which originated from a low of Rs 1,054. Notably, it recently found support at the lower band of the channel and is now trending towards the upper band of the channel. The stock is well-placed above key moving averages of 20-, 50-, 100- and 200-day daily SMAs, indicating positive momentum in the stock. The weekly strength indicator RSI has provided a ‘Buy’ signal by crossing above its reference line. The analysis indicates an upside target of Rs 1,430-1,475 levels.Bharti Airtel | Buy | Target Price: Rs 975-1,025 | Stop Loss: Rs 880 On the weekly chart, Bharti Airtel has broken out above a recent swing high at Rs 902 with a strong bullish candle, signifying the continuation of the medium-term uptrend. It's worth highlighting that the stock has firmly established a medium-term support level at Rs 988, which harmonises with a 38 per cent Fibonacci retracement from the price range stretching from Rs 736 to Rs 902. The stock's closing above the weekly Bollinger band has generated a ‘buy’ signal. The weekly strength indicator RSI given a crossover above its reference line generated a ‘buy’ signal. The analysis indicates an upside target of Rs 975-1025 levels.Disclaimer: Under no circumstances should any person at this platform make trading decisions based solely on the information discussed herein. You should consult a qualified broker or other financial advisor prior to making any actual investment or trading decisions. All information is for educational and informational use only. Business Today does not guarantee, vouch for, endorse any of its contents and hereby disclaims all warranties, express or implied, relating to the same.