Indian benchmark indices settled maringally lower on Thursday on the back of muted global cues including geopolitical tensions in the Middle East and commentary from the US Federal Reserve. BSE Sensex shed 82.79 points, or 0.10 per cent, to settle at 81,361.87, while NSE’s Nifty50 fell 18.80 points, or 0.08 per cent to close at 24,793.25 for the day.
Select buzzing stocks including Eicher Motors Ltd, HCL Technologies Ltd and RBL Bank Ltd are likely to remain under the spotlight of traders for the session today. Here is what Vishnu Kant Upadhyay, AVP of Research & Advisory at Master Capital Services has to say about these stocks ahead of Friday’s trading session:
HCL Technologies | Buy | Target Price: Rs 1,855-1,890 | Stop Loss: Rs 1,609
HCL Technologies is exhibiting a bullish technical setup. The stock has formed an inverse head and shoulders pattern, suggesting a potential trend reversal. A bullish crossover between the 21-day and 55-day EMAs supports the upward momentum, while volumes have been consistently increasing, indicating strong buying interest. The RSI stands at 61.84, suggesting bullish strength without being overbought. The MACD is above the signal line, reinforcing the positive momentum. Prices are currently trading above their all key moving averages which strength the case for further gain towards Rs 1,855 and then Rs 1,890.
RBL Bank | Buy | Target Price: Rs 252-258 | Stop Loss: Rs 205
Share prices of RBL Bank broke above a long-term falling trendline, indicating a trend reversal. The formation of a rounding bottom pattern suggests a strong accumulation phase. A bullish crossover between the 21-day and 55-day EMAs supports the upward momentum. RSI is at 58.37, signaling positive strength without being overbought. MACD remains above the signal line, further confirming bullish sentiment. Sustained trading above the trend line support will lead to a breakout rally, supported by increased volumes. Overall, the chart structure points to further upside potential in the near term with Rs 252-258 as the next resistance zone.
Eicher Motors | Buy | Target Price: Rs 5,900-6,000 | Stop Loss: Rs 5,200
Eicher Motors is displaying a bullish setup as prices trade above all key EMAs (21, 50, 100, and 200), indicating strong underlying strength. The stock is forming a higher highs and higher lows pattern, a classic sign of an uptrend. Notably, volumes have spiked on the latest breakout, adding conviction to the move. The RSI stands at 59.30, suggesting healthy momentum with further upside potential. Additionally, the MACD has turned positive with a fresh crossover, reinforcing bullish sentiment. Prices are now looking to pave the way for Rs 5,900 and Rs 6,000 in the short to medium term.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
