Bajaj Finserv, UltraTech Cement, HUL: How to trade these largecap stocks amid Q4 results?

Domestic stocks hit a nine-week high on Thursday, with the NSE Nifty gaining 101.45 points, or 0.57 per cent to close at 17,915.05. The BSE Sensex jumped 348.80 points, or 0.58 per cent, to settle at 60,649.38.

The day saw select results-bound stocks in action. Here is what Rohan Shah, Technical Research Head at Stoxbox has to say on three of such stocks namely Bajaj Finserv, UltraTech Cement and Hindustan Unilever (HUL) ahead of Friday's trading session:

Bajaj Finserv | Hold | Target Price: Rs 1,480-1,500 | Stop Loss: 1,325-1,300
Bajaj Finserv remained volatile but managed to surpass above it's previous swing high, gaining upward momentum post a decent set of quarterly numbers. On the weekly chart, the stock is seen trading in a long contracting Triangle pattern. The stock recently resolved higher, finding support around the lower end of the said pattern. The recent up move in the price has pushed the stock towards 20-WEMA and the upper boundary of an intermediate descending parallel channel line. We expect the stock to accelerate the upward momentum once the price decisively breaks above the Rs 1,400 level. A move past Rs 1,400, would make the way toward Rs 1,480-1500 levels. On the other hand, Rs 1,325-1,300 levels should act as a key support zone for the stock.

UltraTech Cement | Buy | Target Price: Rs 7,800-8,000 | Stop Loss: 7,350
UltraTech Cement shares have been in a strong uptrend since June 2022, as the stock formed progressive higher high-low formations. Recently, the stock rebounded higher, finding support at the rising trendline (Rs 7,350), which is drawn adjoining from the June 2022 low. At around the same juncture, the stock has support from its previous resistance zone, denoting polarity is into play. It indicates robust price structure. Hence we believe, the stock to scale higher towards Rs 7,800 and Rs 8,000 levels, provided the Rs 7,350 level is protected.

Hindustan Unilever | Cautious | Resistance: Rs 2,575-2,650 |
Hindustan Unilever (HUL) remained under pressure on Thursday amid weak quarterly numbers. The stock reacted to resistance around its 20 DEMA and closed below the 5-day consolidation range. Chart structure suggests that the stock has been trading in the wide range of Rs 300, ranging from Rs 2,725 to Rs 2,430. The stock should find support around Rs 2,430-2,400 zone, being lower end of the elongated range, which coincides with its previous resistance zone and 38.2 per cent retracement levels of its previous advance from Rs 1,900 to Rs 2,730. We sense the bulls need to be cautious only if the mentioned support zone is taken out decisively. On the flip side, the intermediate resistance is placed at Rs 2,510, followed by Rs 2,575 and Rs 2,650.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Business Today.)

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