Indian benchmark indices snapped the 7-day winning run on Thursday to settle lower amid the volatility on the back of April series expiry and profit booking following India’s strong diplomatic response against Pakistan. BSE Sensex dropped 315.06 points, or 0.39 per cent to settle at 79,801.43, while NSE’s Nifty50 declined 82.25 points, or 0.34 per cent to end at 24,246.70 for the day.
Select buzzing stocks including Eicher Motors, Eternal and Canara Bank are likely to remain under the spotlight of traders for the session today. Here is what Vishnu Kant Upadhyay, AVP – Research & Advisory at Master Capital Services has to about these stocks ahead of Friday’s trading session:
Eicher Motors | Buy | Target Price: Rs 6,070-6,120 | Stop Loss: Rs 5,350
Eicher Motors has delivered a bullish breakout above a prolonged symmetrical triangle pattern, indicating the potential for a sustained uptrend. The stock is trading well above its 34-day and 55-day EMAs, reflecting strong short-to-medium term momentum. The recent dip appears to be a healthy pullback, offering a potential buying opportunity. The RSI is positioned at 62, suggesting bullish strength while staying below overbought levels. Additionally, the MACD remains in a positive crossover zone, supporting the ongoing bullish sentiment. With improving price action and strong volume participation, the stock looks poised for further upside in the sessions ahead.
Canara Bank | Buy | Target Price: Rs 108-112 | Stop Loss: Rs 94
Canara Bank has broken out above a long-term descending trendline resistance, signaling a potential trend reversal. The price is now trading above key EMAs (34, 55, 100, and 200), reinforcing bullish momentum. RSI is near 70, indicating strong buying interest without being overbought. The MACD has shown a bullish crossover with widening histogram bars, suggesting upward momentum is gaining strength. This breakout is supported by volume and structural higher lows, pointing to renewed accumulation. With the invalidation of falling trend line resistance, prices are now likely to pave the way for Rs 108 and then Rs 112.
Eternal | Buy | Target Price: Rs 262-270 | Stop Loss: Rs 218
Eternal has formed a classic cup-shaped rounding bottom pattern, indicating a potential bullish reversal. The stock has broken above the cluster of all key moving averages including 55 and 100-day EMAs, reinforcing strong upward momentum. RSI is at 65, showing strength without yet being overbought, while MACD has crossed into positive territory with rising histogram bars, suggesting accelerating bullish momentum. The breakout above Rs 225-230 resistance zone, supported by volume, confirms a shift in sentiment. Ongoing price structure and volume developments suggest further rally towards Rs 262-270 in the near term. Overall, technical indicators and pattern structure support a bullish view on the stock.
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