Dalal Street stocks extended gains for the second straight session on Friday. The 30-share pack BSE Sensex jumped 355 points, or 0.62 per cent, to settle at 57,989.90. The NSE Nifty rose 114.45 points, or 0.67 per cent, to 17,100.05. Select stocks such as ITC, Eris Lifesciences and KPIT Technologies were on traders' radar. Here is what Mileen Vasudeo, Senior Technical Analyst at Arihant Capital Markets has to say on these stocks ahead of Monday's trading session:
KPIT Technologies | Buy | Target Price: Rs 969-1,025 | Stop Loss: Rs 820
KPIT Technologies is maintaining higher top-higher bottom formation on daily and weekly charts. The momentum indicator MACD is trading in the positive territory. The stock is showing higher relative strength. This suggests that the momentum on the upside is likely to continue. One can buy the stock at current levels with price targets of Rs 969 and Rs 1,025 levels for the next couple of weeks. One can maintain stop loss at Rs 820.
Eris Lifesciences | Sell | Target Price: Rs 475-440 | Stop Loss: Rs 630
Eris Lifesciences is maintaining lower top-lower bottom formation on the daily chart. The current price action is trading below the 200-week SMA of Rs 596. Further, the momentum indicator viz the MACD is trading below the zero level. This clearly suggests weakness on the counter. One can short the stock with a target of Rs 475-440 levels in the next couple of weeks and a stop loss of Rs 630.
ITC | Buy | Target Price: Rs 410-435 | Stop Loss: Rs 350
ITC shares had given a strong breakout at Rs 361 on the weekly chart on February 3 and showed higher relative strength. The momentum indicator RSI is positively poised. Both the parameters suggest upside momentum. One can buy the stock at current levels, with a stop loss of Rs 350, for the target of Rs 410-435 levels in the next couple of weeks.
(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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