
Indian benchmark indices settled with big gains on Wednesday amid the easing geopolitical concerns in the Middle East and fall in the crude oil prices. Back home, favourable monsoon forecasts and moderating inflation also support the sentiments. BSE Sensex surged 700.40 points, or 0.85 per cent, to settle at 82,755.51, while NSE's Nifty50 zoomed 200.40 points, or 0.80 per cent to close at 25,244.75 for the day.
Select buzzing stocks including Bharti Airtel Ltd, Multi Commodity Exchange of India Ltd (MCX) and Cochin Shipyard Ltd are likely to remain under the spotlight of traders for the session today. Here is what Laxmikant Shukla, Senior Technical Analyst at YES Securities has to say about these stocks ahead of Thursday's trading session:
Multi Commodity Exchange of India | Buy | Target Price: Rs 9,100 | Stop Loss: Rs 7,550
MCX has witnessed a strong bullish surge over the past three weeks, breaking out decisively above the key resistance level of Rs 8,000-8,100 and sustaining above all major moving averages on the daily chart, signaling inherent strength. With the breakout zone (Rs 8,000-8,100) 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 Rs 9,100 while a stop loss below Rs 7,550 would help manage risk. Given the bullish momentum, traders may consider entering on pullbacks for a favorable risk-reward setup.
Cochin Shipyard | Caution | Resistance: Rs 2,300 | Support: Rs 2,040
Cochin Shipyard is now facing profit booking, hinting at a potential correction or pause in its upward trajectory following a sharp ascent from Rs 1,224 to Rs 2,545. The emergence of a bearish engulfing and other bearish candlestick patterns confirms this potential deceleration. The stock finds support at Rs 2,040. A fall below this point could see it decline further to Rs 1,900. The bearish sentiment will hold true as long as the stock remains under the Rs 2,280-2,300 area.
Bharti Airtel | Buy | Target Price: Rs 2,030 | Stop Loss: Rs 1,850
Bharti Airtel has demonstrated impressive bullish strength over the past few weeks, effectively breaching the previous month's swing high of Rs 1,917 and remaining above crucial daily moving averages. This signals a robust underlying trend. The Rs 1,905-1,917 zone is now a critical support level and any dips towards it could be a chance to buy for continued upside. With the stock eyeing new highs, a near-term target of Rs 2,030 appears achievable. Traders should place a stop-loss below Rs 1,850 to mitigate risk. Given the prevailing bullish momentum, entering positions on pullbacks offers an attractive risk-reward proposition.