PNB, Bank of Baroda, FSL, Indus Tower: How should you trade these buzzing stocks
Bank of Baroda formed a Bullish Harami pattern on the daily chart. It found support at the 21-day EMA, indicating potential buying interest.
- Jul 18, 2023,
- Updated Jul 25, 2023 12:32 PM IST
Domestic equity markets continued to move higher on Friday and ended the week with big gains, thanks to buying action in IT stocks and better-than-expected Q1 earnings by India Inc. BSE Sensex surged more than 502 points, or 0.77 per cent, to end at 66,060.90, settling for the first time above 66,000-mark on the closing basis. NSE's Nifty50 gained 150.75 points, or 0.78 per cent, to close at 19,564.50. Indus Tower has recently experienced a breakout on the daily chart, accompanied by a sharp surge in trading volumes. This breakout suggests a potential change in the stock's price trend. Additionally, the stock has surpassed its previous 10-day high, indicating increasing upward momentum and strength in its price movement. The momentum indicator RSI has also shown a positive crossover, further confirming the bullish sentiment surrounding the stock. A support level is observed at Rs 160, which may act as a floor for the stock price. Traders and investors may consider this support level when determining their risk management and stop-loss levels. The stock's potential upside targets are projected at Rs 190 and Rs 200, indicating possible price appreciation in the future.Recommended by: Kunal Shah, Senior Technical and Derivative analyst at LKP Securities(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Business Today.)
Also read: IndusInd Bank Q1 results today. Earnings preview, share price target & more
Also read: Rs 51 to Rs 971: This IT stock turned into a multibagger in three years
Domestic equity markets continued to move higher on Friday and ended the week with big gains, thanks to buying action in IT stocks and better-than-expected Q1 earnings by India Inc. BSE Sensex surged more than 502 points, or 0.77 per cent, to end at 66,060.90, settling for the first time above 66,000-mark on the closing basis. NSE's Nifty50 gained 150.75 points, or 0.78 per cent, to close at 19,564.50. Indus Tower has recently experienced a breakout on the daily chart, accompanied by a sharp surge in trading volumes. This breakout suggests a potential change in the stock's price trend. Additionally, the stock has surpassed its previous 10-day high, indicating increasing upward momentum and strength in its price movement. The momentum indicator RSI has also shown a positive crossover, further confirming the bullish sentiment surrounding the stock. A support level is observed at Rs 160, which may act as a floor for the stock price. Traders and investors may consider this support level when determining their risk management and stop-loss levels. The stock's potential upside targets are projected at Rs 190 and Rs 200, indicating possible price appreciation in the future.Recommended by: Kunal Shah, Senior Technical and Derivative analyst at LKP Securities(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Business Today.)
Also read: IndusInd Bank Q1 results today. Earnings preview, share price target & more
Also read: Rs 51 to Rs 971: This IT stock turned into a multibagger in three years