PNB, Bank of Baroda, FSL, Indus Tower: How should you trade these buzzing stocks

Domestic equity markets continued to move higher on Friday and ended the week with big gains, thanks to buying action in IT stocks and better-than-expected Q1 earnings by India Inc. BSE Sensex surged more than 502 points, or 0.77 per cent, to end at 66,060.90, settling for the first time above 66,000-mark on the closing basis. NSE's Nifty50 gained 150.75 points, or 0.78 per cent, to close at 19,564.50.

Select stocks such as Punjab National Bank, Firstsource Solutions, Bank of Baroda and Indus Towers are likely to remain under the spotlight on Dalal Street for the session today ahead of the result season. Here is what a number of analysts from various brokerage firms have to say on these stocks ahead of Tuesday trading session:

Bank of Baroda | Buy | Target Price: Rs 211-214 | Stop Loss: Rs 195.5
Bank of Baroda experienced an upward movement after forming a bullish harami pattern on the daily chart. It found support at the 21-day Exponential Moving Average (EMA), indicating potential buying interest. The Relative Strength Index (RSI) is displaying a bullish crossover, suggesting further upside potential. The stock has support at Rs 195.50, while resistance is expected in the range of Rs 211-214, which could pose a barrier to further price appreciation.
Recommended by: Kunal Shah, Senior Technical and Derivative analyst at LKP Securities
 
Punjab National Bank | Buy | Target Price: Rs 80-100 | Stop Loss: Rs 55-56
PNB has given a breakout. In our last two weeks, stock has given a good return of almost 10 per cent and again the stock has come near the 52-week high of Rs 62. On the weekly chart, the stock is on the verge of giving a breakout above 62 zone with near term support of Rs 55-56. We are expecting the level of Rs 80-100 in the coming weeks.
Recommended by: Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher

Firstsource Solutions | Buy | Target Price: Rs 159 | Stop Loss: Rs 132
FSL had witnessed a vertical rise from March 2020 low at Rs 18.55 and scaled to a new record high at Rs 231.34 in July 2021. It retraced gradually after that strong rally and consolidated in a tight range of Rs 95-120 levels for a year while holding firmly above the support zone of long-term moving average that is 200 EMA on the weekly chart. It ended that consolidation phase in May 2023 with a breakout. After the initial surge, it retraced marginally while trading in a flag formation and finally resumed the trend today. We thus recommend creating fresh longs in the mentioned range.
Recommended by: Religare Broking

Indus Towers | Buy | Target Price: Rs 190-200 | Stop Loss: Rs 160
Indus Tower has recently experienced a breakout on the daily chart, accompanied by a sharp surge in trading volumes. This breakout suggests a potential change in the stock's price trend. Additionally, the stock has surpassed its previous 10-day high, indicating increasing upward momentum and strength in its price movement. The momentum indicator RSI has also shown a positive crossover, further confirming the bullish sentiment surrounding the stock. A support level is observed at Rs 160, which may act as a floor for the stock price. Traders and investors may consider this support level when determining their risk management and stop-loss levels. The stock's potential upside targets are projected at Rs 190 and Rs 200, indicating possible price appreciation in the future.
Recommended by: Kunal Shah, Senior Technical and Derivative analyst at LKP Securities


(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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