Domestic stock indices settled higher on Thursday amid monthly F&O expiry. The BSE Sensex jumped 665.04 points, or 0.90 per cent, to close at 73,651.35. The NSE Nifty added 203.25 points, or 0.92 per cent, and settled at 22,326.90. The two indices delivered about 30 per cent return each for the fiscal year 2023-2024. A few buzzing midcap stocks namely Apollo Tyres Ltd, Bharat Heavy Electricals Ltd (BHEL) and Canara Bank Ltd are likely to remain under the spotlight today.
Here is what Mileen Vasudeo, Senior Technical Analyst at Arihant Capital Markets has to say on these stocks ahead of Monday’s trading session:
Apollo Tyres | Hold | Target Price: Rs 510-537 | Stop Loss: Rs 440
Apollo Tyres has almost tested the 200-day SMA on the daily chart by making a low of Rs 441 on March 19, 2024 , before seeing a pullback rally. At present, the momentum indicator viz, RSI, has exited the overbought zone. This suggests that the pullback rally may continue. Hence, one can hold the stock at current levels with a stop loss of Rs 440 for a target of Rs 510-537 levels in the next couple of weeks.
Bharat Heavy Electricals | Buy | Target Price: Rs 287-307 | Stop Loss: Rs 227
BHEL is observing a rounding base formation on the daily chart, which is a sign of strength. Further, the momentum indicator viz. MACD is positively poised and even the stock is outperforming the benchmark indices. Hence, one can buy the stock at current levels with a stop loss of Rs 227 for targets of Rs 287 and Rs 307 levels in the next couple of weeks.
Canara Bank | Buy | Target Price: Rs 626-645 | Stop Loss: Rs 560
Canara Bank is seeing a rounding base formation on the daily chart, which is a sign of strength. Even, the momentum indicator RSI is positively poised and the stock is outperforming the benchmark indices. Hence, one can buy the stock at current levels with a stop loss of Rs 560 for targets of Rs 626 and Rs 645 in the next couple of months.
