Indian benchmark indices remained range-bound during the trading session on Friday and settled slightly lower. Consistent FIIs selling and muted Q2 earnings from India Inc kept the traders cautious despite US Fed's interest rate cut . BSE Sensex shed 55.47 points or 0.07 per cent, to end the session at 79,486.32. NSE's Nifty50 dropped 51.15 points, or 0.21 per cent, to close at 24,148.20 for the day.
Some buzzing largecap stocks including Asian Paints Ltd, Tata Motors Ltd and UltraTech Cements Ltd are likely to remain under the spotlight of traders for the session today. Here is what Mileen Vasudeo, Senior Technical Analyst at Arihant Capital Markets has to say on these stocks ahead of Monday's trading session:
Asian Paints | Sell | Target Price: Rs 2,567-2,470 | Stop Loss: Rs 2,870
We are observing a lower top lower bottom formation in Asian Paints on the daily charts. Further, the momentum indicator RSI is negatively poised. Even the stock is underperforming the benchmark indices. Combining all the above parameters it is evident that momentum on the downside may continue. Hence, one can sell the stock at current levels with a stop loss of Rs 2,870 for targets of Rs 2,567-2,470 levels in the next couple of weeks.
Tata Motors | Sell | Target Price: Rs 730-690 | Stop Loss: Rs 840
We are observing a lower top lower bottom formation in Tata Motors on the daily charts. Further, the momentum indicator RSI is negatively poised. Even the stock is underperforming the benchmark indices. At present the stock is facing resistance at Rs 830. Hence, one can sell the stock at current levels with a stop loss of Rs 840 for targets of Rs 730–690 levels in a couple of weeks.
Ultratech Cements | Sell | Target Price: Rs 10,600-10,400 | Stop Loss: Rs 11,200
Ultratech Cement is making a lower low formation which is a sign of weakness on the daily charts. Further, the stock is trading below the falling 20-days SMA (Rs 11,090). Even the momentum indicator RSI is negatively poised. Hence, one can sell the stock at current levels with a stop loss of Rs 11,200 for targets of Rs 10,600–10,400 levels in a couple of weeks.