Stock market today: Nifty levels to watch; trading views on GRSE, Mazagon Dock & BEL

Indian benchmark indices managed to settle with gains for the straight fourth session on the back of positive domestic and global cues. Reduced selling pressure from FIIs and fall in the US dollar supported the sentiments at Dalal Street. BSE Sensex surged 847.13 points, or 1.12 per cent, to end the session at 76,296.18. NSE's Nifty50 rallied 283.05 points, or 1.24 per cent, to settle at 23,190.65 for the day.

Nifty rose for the fourth consecutive session, as it closed above its 50 days EMA, for the first time after February 5, 2025, said Nandish Shah, Deputy Vice President at HDFC Securities. "Nifty is in continuation of a short-term uptrend and now marching towards the next resistance of 200 days EMA, placed near 23,400 levels. Support for the Nifty has shifted up in the band of 22,950-23,000," he said.

Some buzzing stocks including Mazagon Dock Shipbuilders Ltd, Bharat Electronics Ltd (BEL) and Garden Reach Shipbuilders & Engineers Ltd (GRSE) are likely to remain under the spotlight of traders for the session today. Here is what Aashish Shetty, Technical Research Analyst at Axis Securities has to about these stocks ahead of Friday's trading session:

Mazagon Dock Shipbuilders

Mazagon Dock has been range-bound for approximately eight months since July 2024. However, the recent rebound from its bottom has completed a double-bottom formation. The latest bullish candlestick, accompanied by a surge in volume, reflects strong bullish sentiment. The stock may face overhead resistance around the Rs 2,900 level, but if this is breached, it could potentially rally further to new highs, with Rs 3,400 levels on the radar.

Bharat Electronics

BEL has been forming a bullish flag pattern on the weekly timeframe, signaling potential upside momentum. On the daily timeframe, multiple bullish indicators have emerged, including the Ichimoku Conversion Line and Base Line crossover, a close above the cloud, and the Lagging Span crossing above the cloud—all pointing to strong bullish sentiment. The stock could see a gradual rise toward the immediate resistance level at Rs 316.6. A breakout above this level may trigger another rally, potentially leading to new highs.

Garden Reach Shipbuilders & Engineers

GRSE has recently rebounded near the key support level of Rs 1,140, which previously triggered a rally in June 2024. The recent surge in volumes, accompanied by a strong bullish candlestick, reflects growing investor confidence. Additionally, bullish Ichimoku signals, including a close above the cloud, a Conversion Line and Base Line crossover, and the Lagging Span crossing above the cloud, further indicate strong bullish sentiment. This setup suggests the potential for another upward rally in the stock