Indian benchmark indices snapped the seven-day winning streak and settled lower on Wednesday on the back of profit booking amid the trade tariff concerns. Sectors, with higher US exposures, like IT and pharma, were the key laggards. BSE Sensex tanked 559.84 points, or 0.72 per cent, to end the session at 77,457.35. NSE's Nifty50 cracked 181.80 points, or 0.77 per cent, to settle at 23,486.85 for the day.
Nifty has formed a bear candle signaling consolidation with corrective bias after recent sharp up move of last 2-3 weeks. It is likely to consolidate in the range of 23,850-23,200. Support on the lower side is placed at 23,200 levels, a recent breakout area. Overall trend remains positive, said Bajaj Broking.
Some buzzing stocks including HDFC Bank, Siemens India and NCC are likely to remain under the spotlight of traders for the session today. Here is what Laxmikant Shukla, Senior Manager- Technical Analyst at Institutional Equities Research, YES Securities has to about these stocks ahead of Thursday's trading session:
HDFC Bank | Buy | Target Price: Rs 1,950 | Stop Loss: Rs 1,700
HDFC Bank has witnessed a strong bullish surge over the past three weeks, breaking out decisively above the key resistance level of Rs 1,770 and sustaining above all major moving averages on the daily chart, signaling inherent strength. With the breakout zone (Rs 1,770-1,780) now acting as a support, any dips toward this range could present a buying opportunity for further upside. The stock appears poised to enter uncharted territory with a potential near-term target of 1950 while a stop loss below Rs 1,700 would help manage risk. Given the bullish momentum, traders may consider entering on pullbacks for a favorable risk-reward setup.
NCC | Caution | Resistance: Rs 225 | Support: Rs 190
NCC is currently nearing its 100-week SMA at Rs 225, which may act as a resistance and limit any pullback. In the last trading session, a bearish candlestick pattern formed near this crucial resistance zone, indicating potential short-term pressure. However, the stock has strong support at 190, and as long as it holds above this level, the overall outlook remains positive. A decisive breakout above Rs 225 could trigger further upside momentum, targeting 245 in the near term. Traders should watch these key levels closely for potential entry and exit opportunities.
Siemens India | Buy | Target Price: Rs 6,200 | Stop Loss: Rs 5,000
Siemens India has undergone a significant 42 per cent correction from its peak of Rs 8,036 over the past four months. Recent trading sessions, however, suggest a potential reversal, marked by a steady recovery. Importantly, the stock has moved above its 20-day and 50-day SMAs after a prolonged period, indicating a positive shift in momentum. With these factors in play, the stock now offers an attractive risk-reward opportunity. Stability above Rs 5,300 on the daily chart could propel the rally toward Rs 6,200 with a downside stop loss at Rs 5,000.