Indian benchmark indices settled higher for another trading session on Friday amid the positive global cues. Rate cut hopes from the US Fed and progress on the trade deal supported the optimism at Dalal Street.
BSE Sensex jumped 355.97 points, or 0.44 per cent, to settle at 81,904.70, while NSE’s Nifty50 gained 108.50 points, or 0.43 per cent, to close at 25,114 for the day.
Select buzzing stocks including ABB India, Suzlon Energy and Bharat Heavy Electricals (BHEL) are likely to remain under the spotlight of traders for the session today. Here is what Mileen Vasudeo, Senior Technical Analyst at Arihant Capital Markets has to say about these stocks ahead of Monday’s trading session:
Bharat Heavy Electricals | Target Price: Rs 268-288 | Stop Loss: Rs 207
BHEL shows strong accumulation in the Rs 210-215 range on the daily charts, with the RSI momentum indicator positively poised. However, it continues to underperform the benchmark indices. There is notable supply pressure between Rs 234 and Rs 240, and a sustained move above this zone could trigger fresh upside momentum. Traders can consider holding their existing long positions at the current market price of around Rs 228, with a strict stop-loss at Rs 207, the stock has potential to test Rs 268-288 over the coming weeks to months.
ABB India | Target Price: Rs 5,500-5,650 | Stop Loss: Rs 5,100
ABB India is showing strong consolidation in the range of Rs 5,125 to Rs 5,200 level on the daily charts. At present stock is trading above the consolidation zone with RSI positively poised. Hence momentum on the upside is likely to continue. Given these technical indicators, traders are advised to hold their long positions at the current market price of Rs 5,245, with a stop loss at Rs 5,100. The stock has the potential to test Rs 5,500-5,650 in the coming weeks to months.
Suzlon Energy | Target Price: Rs 51-48 | Stop Loss: Rs 60
Suzlon Energy is maintaining a lower-top, lower-bottom formation on the daily charts, which signals prevailing weakness. The momentum indicator RSI is negatively poised, and the stock is underperforming the benchmark indices. Considering these technical factors, traders are advised to hold their short positions at the current market price of Rs 56, while keeping a stop loss at Rs 60. The stock has the potential to test Rs 48-44 in the coming weeks to months.