Havells, Bharat Electronics, Colpal: Trading Strategies for these buzzing stocks

Domestic stock indices extended gains for another trading session, but the upside was capped due to mixed corporate earnings. The BSE Sensex rose 114.49 points, or 0.16 per cent, to settle at 73,852.94. The NSE Nifty50 index added 34.40 points, or 0.15 per cent, to end at 22,402.40.

A few stocks namely Bharat Electronics Ltd (BEL), Havells India Ltd and Colgate Palmolive (India) could be on trader radar today. Here is what Laxmikant Shukla, Technical Research Analyst at YES Securities has to say on these stocks ahead of Thursday's trading session:

Bharat Electronics | Buy | Target Price: Rs 270 | Stop Loss: Rs 220
Bharat Electronics has demonstrated a noteworthy breakthrough -- exceeding the prior swing high, which is accompanied by considerable trading volumes, indicating a sustained momentum in the ongoing trend. The momentum indicator, Stochastic, further reinforced the bullish sentiment by consistently staying above the critical level of 65. The stock has established a robust foundation at the lower end, approximately at Rs 220. This level is expected to serve as a support, acting as a safeguard against any potential downward movement.

Colgate Palmolive (India) | Buy | Target Price: Rs 3,080 | Stop Loss: Rs 2,585
Colgate Palmolive is showing signs of a potential recovery, following a gradual decline throughout the current month. The stock fell from a peak of Rs 2,815 to a low of Rs 2,585. Pausing near its 20 & 50-day SMA, it is now hinting at a potential turnaround. The stock has breached the Rs 2,720 level after a consolidation breakout while forming a bullish Belt Hold candlestick pattern. These factors suggest a potential resurgence, with target of Rs 3,080. The sentiment stays positive as long as Colgate Palmolive maintains Rs 2,585 level.

Havells India | Buy | Target Price: Rs 1,880 | Stop Loss: Rs 1,450
Havells India is displaying signs of breaking out of a prolonged consolidation period. It has already broken out of the symmetrical triangle pattern. This pattern implies an immediate target of Rs 1,820, with the potential for further upside toward the Rs 1,880 level. On the downside, Rs 1,450 is expected to act as a crucial support level. Both the MACD and RSI indicators are providing support to the current bullish momentum. The MACD indicates strength while the RSI is positively poised, affirming upward sentiment. Considering these factors, one can buy Havells India within the range of Rs 1,550-1,560, setting a stop loss at Rs 1,450 on a closing basis, for a target of Rs 1,880.


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