
Indian benchmark indices snapped the two-day rally and settled lower on Tuesday on the back of muted global cues, which led to profit booking at Dalal Street. However, broader markets outperformed the headline indices. BSE Sensex tanked 624.82 points, or 0.76 per cent, to settle at 81,551.63, while NSE's Nifty50 plunged 174.95 points, or 0.70 per cent to end at 24,826.20 for the day.
Select buzzing result-bound stocks including Steel Authority of India Ltd (SAIL), Cummins India Ltd and Indian Railway Catering and Tourism Corporation Ltd (IRCTC) are likely to remain under the spotlight of traders for the session today. Here is what Rajesh Palviya, SVP of Technical and Derivatives Research at Axis Securities has to about these stocks ahead of Wednesday's trading session:
Cummins India | Hold | Resistance: Rs 3,100-3,300 | Support: Rs 2,900
Since January 2025, Cummins India is in strong consolidation mode within Rs 3,100-2,660 levels, indicating a short-term sideways trend. Currently, the stock is well placed above its 20, 50, and 100-day SMA support zone of Rs 2900 levels, which remains a crucial level to watch for. Huge rising volumes signifies increased participation in the accumulation zone. Any sustainable close above Rs 3,100 may trigger further upside towards Rs 3,300-Rs 3,400 levels. The daily and weekly strength indicator is in positive terrain, which shows sustained strength. Traders are advised to hold long positions with the expected breakout zone of 3100 levels.
Indian Railway Catering and Tourism Corporation | Buy | Target Price: Rs 900-950 | Stop Loss: Rs 740
IRCTC has experienced trend reversal on the daily and weekly charts, forming a higher tops and bottoms formation. The stock is also sustaining above its 20, 50 and 100-day SMAs which reconfirms bullish sentiments. The daily and weekly strength indicator is in positive terrain, which shows sustained strength. We recommend that traders and investors accumulate the stock with an expected upside of Rs 900-950 levels in the upcoming months. The crucial support zone is placed around Rs 770-740 levels.
Steel Authority of India | Buy | Target Price: Rs 140-155 | Stop Loss: Rs 118
With the current price movement, SAIL is on the verge of a 'rounding bottom' formation breakout at Rs 130 levels. Huge rising volumes signifies increased momentum. The stock is significantly sustaining above its 20,50, 100 and 200-day SMA, which reconfirms bullish sentiments. The daily, weekly and monthly strength indicator is in positive terrain, which shows sustained strength. We recommend that traders and investors accumulate the stock with an expected upside of Rs 140-155 levels. The crucial support zone is placed around Rs 122-118 levels.