Stock market today: Nifty levels to watch; trading views on IREDA, Zomato & HAL

Indian benchmark indices kicked off the week on a strong note and settled with big gains on the back of positive global and domestic cues, along with value buying in the select counters. BSE Sensex zoomed 1,078.87 points, or 1.40 per cent, to end the session at 77,984.38. NSE's Nifty50 soared 307.95 points, or 1.32 per cent, to settle at 23,658.35 for the day.

A bullish candle on daily charts and an uptrend continuation formation on intraday charts indicate upward movement from the current levels, said Shrikant Chouhan, Head Equity Research, Kotak Securities. The short-term market formation is still on the positive side, but due to overbought conditions, some profit booking at higher levels might be seen. For day traders, the 23,800-23,900 range would be the key resistance areas, while 23,500-23,400 could act as significant support levels, he said.

Some buzzing stocks including Indian Renewable Energy Development Agency Ltd (IREDA), Hindustan Aeronautics Ltd (HAL) and Zomato Ltd are likely to remain under the spotlight of traders for the session today. Here is what Jigar S Patel, Technical Research Analyst at Anand Rathi Shares and Stock Brokers has to about these stocks ahead of Tuesday's trading session:

Indian Renewable Energy Development Agency | Book Profits

IREDA is encountering resistance at the R3 Camarilla pivot around Rs 173. Notably, the stock has already surged by 26 per cent over the last six trading sessions, making it susceptible to a pullback. Given this sharp rally and the overhead resistance, we recommend booking profits in IREDA to safeguard gains and avoid potential downside risks. A fresh buy will only be triggered if IREDA closes above Rs 173 on the daily chart.

Zomato | Book Profits

In the previous trading session, Zomato faced selling pressure near the Rs 230 mark. Notably, this level aligns with the R3 Camarilla pivot, making it a stiff resistance. We recommend booking profits in Zomato to safeguard gains and mitigate potential downside risks. A fresh buy will only be triggered if Zomato closes above Rs 230 on the daily chart.

Hindustan Aeronautics | Book Profit

Currently, HAL is encountering resistance between Rs 4,150-4,200. Notably, the stock has already surged by 35-36 per cent over the last 14 trading sessions, making it susceptible to a pullback. Given this sharp rally and the overhead resistance, we recommend booking profits in HAL to safeguard gains and avoid potential downside risks. A fresh buy will only be triggered if HAL closes above Rs 4,200 on the daily chart.