HDFC Bank, IPCA Labs, Mankind Pharma: How to trade these 3 buzzing stocks

Indian benchmark indices continued to fall on Wednesday ahead of the US Fed's monetary policy outcome under the new Trump administration. Also, rich valuations and FIIs selling are denting the sentiments for Dalal Street. BSE Sensex cracked 502.25 points, or 0.62 per cent, to end the session at 80,182.20. NSE's Nifty50 tanked 137.15 points or 0.56 per cent, to settle at 24,198.85 for the day.

 

Some buzzing stocks including HDFC Bank Ltd, Ipca Laboratories Ltd and Mankind Pharma Ltd are likely to remain under the spotlight of traders for the session today. Here is what Laxmikant Shukla, Senior Technical Research Analyst at YES Securities has to say on these stocks ahead of Thursday's trading session:

 

HDFC Bank | Buy | Target Price: Rs 1,950 | Stop Loss: Rs 1,715

HDFC Bank has recently experienced a healthy correction from its peak of Rs 1,880 and is approaching its point of polarity line, which is expected to act as a strong support level in the upcoming sessions. The Rs 1,780-1,790 zone is a critical support area that must hold to prevent further downside. If this level is successfully defended, a pullback towards the Rs 1,950-2,000 range can be anticipated. Consider buying on dips around Rs 1,780-1,790, with a stop loss at Rs 1,715 and a target of Rs 1,950 in the near term.

 

Mankind Pharma | Caution | Resistance: Rs 2,875 | Support: Rs 2,500

Mankind Pharma has experienced a rapid ascent, surging from Rs 2,626 to a peak of Rs 2,850, aligning with the broader rally in the pharma sectors. Although the trend has smoothly transitioned, it's essential to acknowledge the potential for a cooldown or correction following such a robust rally. In terms of support levels, the base has marginally shifted upwards, now residing around the Rs 2500 level.  Despite recent positive price action, the stock is anticipated to sustain its upward trajectory. However, caution is advised, and investors should prudently manage profits by implementing strict trailing stop-loss measures.

 

Ipca Laboratories | Sell | Target Price: Rs 1,400 | Stop Loss: Rs 1,600

Ipca Labs has failed to break out of its falling trendline and has formed a bearish candle on the daily timeframe, indicating a bearishness in the stock. Sellers are showing increased aggression below the Rs 1,540 level. The price is trading below the 20- and 50-day SMAs, reflecting overall weakness. Furthermore, the MACD line remains in negative territory, reinforcing bearish sentiment. A sell position is advised for Ipca Laboratories on a pullback toward Rs 1,540, with a target of Rs 1,400 and a stop loss at Rs 1,600 on a closing basis.