ICICI Bank, BHEL, ITC: How should you trade these buzzing stocks?

Domestic stock indices snapped a two-day losing streak on Monday amid firm global cues. He BSE Sensex jumped 99.08 points, or 0.16 per cent, to settle at 62,724.71. The NSE Nifty gained 38.10 points, or 0.21 per cent, to 18,601.50.

Select stocks such as Bharat Heavy Electricals (BHEL), ITC and ICICI Bank are likely to be in limelight today. Here is what Vaishali Parekh, Vice President - Technical Research at Prabhudas Lilladher has to say on these stocks ahead of Tuesday's trading session:

Bharat Heavy Electricals | Buy above Rs 88 | Target Price: Rs 92-102-105 | Stop Loss: Rs 79
BHEL has gradually picked up momentum from Rs 79 level. It has resistance at Rs 88 level where the ongoing momentum can halt. A decisive breach above Rs 88 level is necessary to carry on the momentum and take the stock to the next near-term target of Rs 92 level, followed by Rs 102 and Rs 105 levels. The near term support zone can be considered at Rs 79-80 level, below which the trend can turn weak.

ITC | Buy above Rs 452 | Target: Rs 478-485 | Stop Loss: Rs 415 |
ITC shares have witnessed a halt in momentum near Rs 452 level, where the stock consolidated a bit and dipped slightly to its near term support level of Rs 430. Again a decisive breach above Rs 452 level would take the stock higher and one can expect a fresh target of Rs 478-485 level. The overall trend is strong and only a decisive breach below Rs 415 level would weaken this trend.

ICICI Bank | Hold | Resistance: Rs 957 | Support: Rs 920
ICICI Bank witnessed a sluggish movement in the past one month, finding resistance near Rs 950-957 range. The near term support is visible at Rs 930 level. It has a significant 50-EMA zone near Rs 920 level. A decisive breach above Rs 957 level is required to bring about a fresh breakout and trigger further up move.

(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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