
Indian benchmark indices settled sharply lower on Friday on the back of a muted beginning to the Q1 results season led by TCS and threat of Trump tariffs as after the US imposed big tariffs on Canada and Brazil. BSE Sensex plunged 689.81 points, or 0.83 per cent, to settle at 82,500.47, while NSE's Nifty50 cracked 205.40 points, or 0.81 per cent, to close at 25,149.85 for the day.
Select buzzing result-bound stocks including Tata Technologies, Ola Electric Mobility and HCL Technologies likely to remain under the spotlight of traders for the session today. Here is what Mileen Vasudeo, Senior Technical Analyst at Arihant Capital Markets has to say about these stocks ahead of Monday's trading session:
HCL Technologies | Sell | Target Price: Rs 1,493-1,423 | Stop Loss: Rs 1,700
HCL Tech has closed below its 50-day SMA placed at Rs 1,668 on the daily charts, indicating emerging weakness in the price trend. It is currently underperforming the benchmark indices, and the momentum indicator RSI is also reflecting bearish sentiment. Considering these technical factors, the downside momentum is likely to persist. Therefore, investors are advised to hold their short positions at the current market price of Rs 1,633, with a stop loss placed at Rs 1,700. The expected downside targets are projected in the range of Rs 1,493 to Rs 1,423 over the next couple of weeks.
Ola Electric Mobility | Sell | Target Price: Rs 31-28 | Stop Loss: Rs 43
Ola Electric Mobility is exhibiting a lower top–lower bottom formation on the daily charts, which is a clear sign of weakness. It is underperforming the benchmark indices, and the RSI remains negatively poised, indicating that the downward momentum is likely to persist. In light of the above technical setup, investors may consider holding short positions at the current levels of Rs 39, with a stop loss placed at Rs 43. The stock has the potential to decline towards the target range of Rs 31-28 over the next couple of weeks.
Tata Technologies | Sell | Target Price: Rs 640-610 | Stop Loss: Rs 730
Tata Tech is trading sideways with a negative bias on the daily chart, indicating a lack of bullish conviction. It is facing strong supply pressure around the Rs 728 level. The stock is underperforming the benchmark indices, and the RSI remains negatively poised, suggesting that the downward momentum is likely to persist. In view of these technical indications, traders may consider holding their short positions at the current levels, with a stop loss at Rs 730. The stock is expected to extend its decline and may test the target range of Rs 640 -610 over the next couple of months.