Domestic stock indices scaled new highs on Tuesday led by persistent FPI buying and firm domestic cues. Muted global sentiment, however, capped the upside. The 30-share pack BSE Sensex gained 274 points, or 0.42 per cent, to settle at 65,479.05. The NSE Nifty rose 66.45 points, or 0.34 per cent, to close at 19,389. Select stocks such as Bajaj Auto, Raymond and ICICI Bank could be on traders’ radar. Here is what Vaishali Parekh, Vice President - Technical Research at Prabhudas Lilladher has to say on these three stocks ahead of Wednesday's trading session:
Bajaj Auto | Hold | Target Price: Rs 5,000-5,080 | Support: Rs 4,580 Bajaj Auto has witnessed a decent rally in the last 2-3 months. At present, it is finding resistance near Rs 4,830. The scrip has slipped a bit due to profit booking. It consolidated for quite some time with Rs 4,580 level emerging as a good support. A decisive breach above Rs 4,830 would trigger for a fresh breakout and resume the uptrend for the next target of Rs 5,000-5,080 levels in the coming days. Raymond | Hold | Target Price: Rs 1,820-2,000 | Stop Loss: Rs 1,660 Raymond is consolidating for some time near Rs 1,580. It witnessed a small rally but faced resistance near Rs 1,760. After a short dip, the stock has again show improvement in the bias, with the support maintained near Rs 1,660. A decisive breach above Rs 1,760 would take it to the next target of Rs 1,820. A further strength can push it towards the long-term target of Rs 1,980-2,000.ICICI Bank | Range-bound | Resistance: Rs 999-1,050 | Support: Rs 915
Shares of ICICI Bank have stagnated in the last two months. The stock has taken support near Rs 915 level, near the significant 50-EMA level. It indicated a pullback with improved bias. A decisive move past the resistance of Rs 955 should trigger a breakout. In such a scenario, one would see a fresh upside movement towards the next targets of Rs 990 and Rs 1,050 levels, respectively.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Business Today.)
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