Indian benchmark indices extended its gains on Wednesday as domestic inflation dropped to 8-year low, hinting at revival in discretionary expenditure.
However, a truncated week and Trump-Putin meeting on Friday amid the tariff concerns kept the gains in check. BSE Sensex gained 304.32 points, or 0.38 per cent, to settle at 80,539.91, while NSE’s Nifty50 jumped 131.95 points, or 0.54 per cent, to close at 24,619.35 for the day.
Select buzzing stocks including One97 Communications (Paytm), Ola Electric Mobility and Inox Wind are likely to remain under the spotlight of traders for the session today. Here is what Laxmikant Shukla, Senior Technical Analyst at YES Securities has to say about these stocks ahead of Thursday’s trading session:
Inox Wind | Caution | Resistance: Rs 156 | Support: Rs 129
Inox Wind is showing bearish signals on the weekly timeframes, indicating a downtrend. The stock is currently positioned for a breakdown below its horizontal support line. For sellers to establish firm control, it needs to decisively fall below the Rs 129 level. This bearish outlook is reinforced by the price trading below its key SMAs, signaling underlying weakness. Furthermore, the MACD indicator supports this negative sentiment as its line has moved into negative territory, confirming increased selling interest. This bearish trend is expected to continue as long as stock remains below the Rs 156-160 resistance zone.
One97 Communications | Buy | Target Price: Rs 1,235| Stop Loss: Rs 1,070
Paytm has shown impressive bullish strength over the past few weeks, breaking past its previous monthly high of Rs 1,130. Despite some profit-booking yesterday, it remains above this breakout zone which now acts as a critical support level between Rs 1,120 and Rs 1,130. This indicates a strong underlying trend and any dips toward this support zone could be a buying opportunity. The stock is targeting new highs, with a potential near-term target of Rs 1,235. To manage risk, traders should set a stop-loss below Rs 1,070, which is the 20-day SMA. Given the current bullish momentum, buying on pullbacks offers an attractive risk-reward ratio.
Ola Electric Mobility | Caution | Resistance: Rs 48 | Support: Rs 39
Ola Electric has entered a sideways consolidation phase over the last four to five weeks, pausing its recent downtrend. This is reflected by the formation of multiple doji candles on the daily chart, which suggests market indecision. The overall sentiment remains weak, as the stock is trading below all its key moving averages. A fresh upward move is unlikely as long as the stock remains below the crucial resistance level of Rs 48-50. On the downside, support is established near Rs 39, and a break below this level could lead to a further decline toward Rs 35.