Indian benchmark indices settled marginally lower on Tuesday, giving up the early gains on the back of muted Q1 earnings of India Inc. Besides this, consistent FII selling and delay in trade deals between India and the US is denting the sentiments.
BSE Sensex shed merely 13.53 points, or 0.02 per cent, to settle at 82,186.81, while NSE’s Nifty50 dropped 29.80 points, or 0.12 per cent, to close at 25,060.90 for the day.
Select buzzing stocks including Mold-Tek Packaging, Swiggy and Nelcast are likely to remain under the spotlight of traders for the session today. Here is what Rajesh Palviya, SVP of Technical and Derivatives Research at Axis Securities has to say about these stocks ahead of Wednesday’s trading session:
Swiggy | Buy | Target Price: Rs 460-475 | Stop Loss: Rs 398
Swiggy has witnessed a trend reversal on the daily and weekly charts, forming a series of higher tops and bottoms. In addition, it has also confirmed multiple resistance zone breakout at Rs 411 levels along with huge volumes indicating increased participation. The daily and weekly strength indicator RSI indicates rising strength. The daily and weekly band-Bollinger buy signal indicates increased momentum. Investors should consider buying, holding, and accumulating this stock. Its expected upside is Rs 460-510, and its downside support zone is the Rs 400-380 levels.
Mold-Tek Packaging | Buy | Target Price: Rs 825 | Stop Loss: Rs 710
Mold-Tek Packaging has decisively broken the multiple resistance zone of Rs 728 levels on a closing basis. Huge volumes on breakout signify increased participation. This buying was observed around 20-day SMA (Rs 705) levels, indicating bullish sentiments. The daily ‘band-bollinger’ buy signal indicates increased momentum. The daily, weekly and monthly strength indicator RSI indicates rising strength. Investors should consider buying, holding, and accumulating this stock. Its expected upside is Rs 800-850, and its downside support zone is the Rs 715-700 levels.
Nelcast | Buy | Target Price: Rs 200 | Stop Loss: Rs 152
With current close, Nelcast has decisively surpassed its multiple resistance zone breakout at 160 levels on a closing basis. The past couple of months’ rising volumes signify increased participation. The stock is well placed above its 20, 50, 100 and 200-day SMA, which reconfirms a bullish trend. The daily, weekly and monthly strength indicator RSI indicates rising strength. The daily ‘band-bollinger’ buy signal indicates increased momentum. Investors should consider buying, holding, and accumulating this stock. Its expected upside is Rs 190-200, and its downside support zone is the Rs 150-145 levels.