Tata Power, Siemens, BEML: How to trade these 3 buzzing stocks

After a strong rise on Monday, Indian benchmark indices took a breather on Tuesday and settled sharply lower on the back of sharp profit booking, bucking the positive and domestic global cues. BSE Sensex tanked 1,281.68 points, or 1.55 per cent to settle at 81,148.22, while NSE's Nifty50 plunged 346.35 points, or 1.39 per cent to end at 24,578.35 for the day.

 

Select buzzing stocks including BEML Ltd, Siemens Ltd and Tata Power Company Ltd and are likely to remain under the spotlight of traders for the session today. Here is what by Rajesh Palviya, SVP - Technical and Derivatives Research at Axis Securities has to about these stocks ahead of Wednesday's trading session:

 

BEML | Buy | Target Price: Rs 3,600-3,800 | Stop Loss: Rs 3,200

BEML has decisively surpassed the 'Cup & Handle' formation pattern at the Rs 3,280 level on the daily charts. This breakout is accompanied by huge volumes, indicating increased participation. The stock is well placed above its 20, 50, and 100-day SMAs, which reconfirms bullish sentiment. The daily and weekly RSI strength indicators indicate that buying may occur at current levels. Investors should consider buying, holding, and accumulating this stock. Its expected upside is between Rs 3,600 and Rs 3,800, and its downside support zone is at the Rs 3,200-3,180 levels.

 

Tata Power Company | Range-bound | Resistance: Rs 410-420 | Support: Rs 378-360

Tata Power has been in a consolidation zone within the Rs 404-330 levels since December 2024, indicating a short to medium-term sideways trend. Increased volume activity near the breakout zone signifies accumulation in the sideways zone. The stock is well placed above its 20, 50, 100, and 200-day SMAs, which reconfirms bullish sentiment. Any upcoming decisive breakout above the Rs 404-410 levels will confirm the consolidation range breakout, and in such a scenario, the stock is likely to extend towards the Rs 420-440 levels. The crucial support zones are placed around the Rs 378-360 levels.

 

Siemens | Sell or rise

Siemens is in a downtrend, forming a series of lower tops and bottoms. Currently, the stock is consolidating within the Rs 3,080-2,650 levels. Hence, any breakout from either side of this range may indicate further direction. The stock is well placed above its 20 and 50-day SMAs, with a crucial support zone around the Rs 2,870 levels. However, overhead resistance from the 100 and 200-day SMAs reconfirms a weak trend. Traders and investors are advised to adopt a 'sell on rally' strategy. The supply zones are at specified levels. Any violation of the Rs 2,700-2,600 zone may trigger further weakness.