Tata Steel, HDFC Bank, Asian Paints: Trading strategies for these buzzing blue-chip stocks
HDFC Bank has been hovering near Rs 1,400 level. The Rs 1,360 level is a long-term trendline zone that is acting as a strong support zone.
- Feb 27, 2024,
- Updated Feb 27, 2024 7:39 AM IST
Domestic stock indices settled lower on Monday on profit booking, ahead of inflation prints in the US and Europe. The BSE Sensex tanked 352.67 points, or 0.48 per cent, to 72,790.13. The NSE Nifty index shed 90.65 points, or 0.41 per cent, to end at 22,122.05. Tata Steel has witnessed a resistance near the Rs 147 level, where a double top formation pattern is visible on the daily chart. Post the recent profit booking, the stock has near-term support at 50-EMA level of Rs 137, where it can find stability. A decisive breach above Rs 147 level can confirm a breakout and one could expect next targets of Rs 158 and Rs 172 levels, respectively. At the same time, a decisive breach below the important 100-DMA of Rs 130 should weaken the overall trend and negate this view.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Also read: Stock recommendations by analyst for February 27: IRCON, JSW Energy and HUDCO
Also read: Paytm shares in focus as Vijay Shekhar Sharma steps down from payments bank board
Domestic stock indices settled lower on Monday on profit booking, ahead of inflation prints in the US and Europe. The BSE Sensex tanked 352.67 points, or 0.48 per cent, to 72,790.13. The NSE Nifty index shed 90.65 points, or 0.41 per cent, to end at 22,122.05. Tata Steel has witnessed a resistance near the Rs 147 level, where a double top formation pattern is visible on the daily chart. Post the recent profit booking, the stock has near-term support at 50-EMA level of Rs 137, where it can find stability. A decisive breach above Rs 147 level can confirm a breakout and one could expect next targets of Rs 158 and Rs 172 levels, respectively. At the same time, a decisive breach below the important 100-DMA of Rs 130 should weaken the overall trend and negate this view.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Also read: Stock recommendations by analyst for February 27: IRCON, JSW Energy and HUDCO
Also read: Paytm shares in focus as Vijay Shekhar Sharma steps down from payments bank board