
Indian benchmark indices kicked off the week on a positive note on Monday and settled higher on the back of slew of positive and domestic global cues. BSE Sensex gained 455.37 points, or 0.56 per cent to settle at 82,176.45, while NSE's Nifty50 surged 148 points, or 0.60 per cent to end at 25,001.15 for the day.
Select buzzing stocks including Bharat Dynamics Ltd, Eternal Ltd and NMDC Ltd are likely to remain under the spotlight of traders for the session today. Here is what Ganesh Dongre, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers has to about these stocks ahead of Tuesday's trading session:
Bharat Dynamics | Buy | Target Price: Rs 2,150 | Stop Loss: Rs 1,820
Bharat Dynamics has given a fresh breakout above the Rs 1,700 level, marking a new 52-week high on the weekly chart. Additionally, a bullish engulfing pattern has formed, indicating strong bullish momentum and continuation. From a technical standpoint, this setup suggests further upside potential. Traders may consider buying on dips, with a revised stop-loss at Rs 1,820 and a target price of Rs 2,150.
Eternal | Caution
Eternal has witnessed a trendline breakout in the Rs 235-240 zone on the weekly chart, indicating a strong upward move. However, in the short term, technical indicators such as the RSI are showing signs of a potential downturn. Considering this, traders may consider booking profits at current levels and waiting for a healthy dip before re-entering. The next key support zone is placed around Rs 210-215, which could offer a favorable buying opportunity.
NMDC | Hold | Target Price: Rs 82 | Stop Loss: Rs 66
NMDC has formed a rounding bottom pattern on the weekly charts, which is a bullish formation, indicating potential for further upside. Based on Fibonacci retracement levels, a bounce is likely, with an upside potential toward the Rs 82 mark. Traders may consider holding the stock with a stop-loss at Rs 66 and a target price of Rs 82.