Indian benchmark indices settled with big cuts on Thursday on the back rising caution among the traders due to muted Q1 earnings, particularly IT and banking heavyweights. Valuation concerns and FIIs outflows also dented the sentiments. BSE Sensex dropped 375.24 points, or 0.45 per cent, to settle at 82,259.24, while NSE’s Nifty50 tanked 100.60 points, or 0.40 per cent, to close at 25,111.45 for the day.
Select buzzing stocks including Prestige Estate, Piramal Pharma and CG Power & Industrial Solutions 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 Thursday trading session:
Prestige Estates | Buy | Target Price: Rs 1,940-1,965 | Stop Loss: Rs 1,680
Prestige Estates has staged a decisive breakout above a downward sloping trendline, validating a bullish reversal setup. The breakout candle, a bullish Marubozu, reflects strong institutional participation. The price action is characterized by a series of higher highs and higher lows, confirming a rising trend structure. The stock is trading comfortably above its 20-, 50-, 100-, and 200-day EMAs, indicating trend strength and momentum alignment. RSI is in a bullish zone near 65, showing underlying strength, while MACD sustains a positive histogram and signal line crossover.
Piramal Pharma | Buy | Target Price: Rs 235-242 | Stop Loss: Rs 203
Piramal Pharma has executed a bullish breakout above a confluence of horizontal resistance and descending trendline, validating a rounding bottom base with a wide range bullish Marubozu candle. The breakout is accompanied by a notable surge in volume, indicating institutional participation and conviction led buying. The price action confirms a structural shift, with the stock reclaiming its 20-, 50-, 100-, and 200-day EMAs signaling a bullish realignment across timeframes. RSI is ascending beyond 60 with a positive slope, while MACD has triggered a fresh signal line crossover.
CG Power and Industrial Solutions | Buy | Target Price: Rs 748-770 | Stop Loss: Rs 648
CG Power has executed a bullish breakout from a falling channel pattern, indicating the end of a corrective phase and the start of a fresh impulsive move. The breakout is validated by a bullish Marubozu candle accompanied by a notable volume uptick, reflecting institutional participation. The stock is trading above its 20, 50, 100, and 200-day EMAs, showcasing a bullish moving average alignment. RSI is rebounding from 60 with a positive slope, and MACD has confirmed a bullish crossover. Relative strength against the Nifty highlights outperformance, reinforcing a strong bullish setup with trend continuation potential.
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