Indian benchmark extended were back on the winning track, after two days of consolidation, thanks to dovish comments from the US Federal Reserve, triggering positive global cues. BSE Sensex tanked 585.45 points, or 0.71 per cent, to settle at 82,615.43, while NSE’s Nifty50 dropped 178.05 points, or 0.71 per cent, to close at 25,323.55 for the day.
Select buzzing stocks including Reliance Industries (RIL), Eternal and LTIMindTree 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:
LTIMindTree | Buy | Target Price: Rs 5,900 | Stop Loss: Rs 5,400
Despite a recent retreat from its high of Rs 5,620, LTIMindTree is now presenting a compelling buying opportunity. It has found strong support at a key confluence zone that includes the previous swing low and the 100-week SMA’s. This robust support level is further reinforced by the emergence of a bullish ‘morning doji star’ candlestick pattern and the prior confirmation of a breakout above its previous peak. These factors collectively signal an imminent recovery. For traders, this suggests a strategic entry on price dips within the Rs 5,540 to Rs 5,560 range, targeting an upside of Rs 5,900, while prudently managing risk with a stop loss placed at Rs 5,400.
Reliance Industries | Caution | Resistance: Rs 1,440 | Support: Rs 1,340
Reliance continues to consolidate within the Rs 1,440-1,340 range for the last three months. This range-bound action is expected to persist until a decisive close occurs outside this band. The indicators reflect a lack of directional momentum with the weekly stochastic showing a bearish crossover while the monthly MACD remains in positive territory. A decisive break above Rs 1,440 is needed to spark fresh upward momentum. Conversely, a break below the key support at Rs 1,340 could initiate a new downtrend.
Eternal | Buy | Target Price: Rs 380 | Stop Loss: Rs 335
Eternal has established a strong bullish foundation by completing a high-volume ‘Rounding Bottom’ breakout on the monthly chart in July, a move that confirms the strength of the new uptrend. The stock is now consistently trading above this critical breakout level and all its key moving averages, including the 200-SMA, reflecting sustained bullish momentum. With technical indicators also aligned for further upside, a strategic entry in the Rs 345-350 range offers a potential target of Rs 380, while a strict stop loss at Rs 335 effectively manages risk. This confluence of a bullish chart structure, significant volume, and positive momentum suggests a high probability for upward movement in the near term.
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