Indian benchmark indices settled little changed on Tuesday amid the rising volatility and muted global cues. However, midcap stocks saw some value buying during the session. BSE Sensex shed merely 12.85 points, or 0.02 per cent, to end the session at 74,102.32. On other hand, NSE’s Nifty50 gained 37.60 points, or 0.17 per cent, to settle at 22,497.90 for the day.
The Nifty started the day with a gap down, following weak global cues. However, the sentiment remained positive, said Rupak De, Senior Technical Analyst at LKP Securities. “Overall, the sentiment remains positive for the very short term, supported by strong momentum in the RSI indicator and the index closing above the 50 EMA on the hourly timeframe,” he added.
Some buzzing stocks including ICICI Bank Ltd, Phoenix Mills Ltd and Chambal Fertilisers and Chemicals Ltd 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 Wednesday’s trading session:
ICICI Bank | Buy | Target Price: Rs 1,320-1,340 | Stop Loss: Rs 1,180
ICICI Bank has started forming a higher high, higher low structure, indicating a potential trend reversal. Prices witnessed a sharp U-turn from the vicinity of the key horizontal support area which strengthens the possibilities of fresh initiation of bullish journey. Notably, it has bounced above the 21-day EMA and the 200-day EMA (Rs 1,220), signaling renewed bullish momentum. The RSI at 54.68 is rising, reflecting improving strength without being overbought. With increasing volume and price action confirming a bullish reversal, the stock could move towards Rs 1,320-1,340 levels, with Rs 1,180 acting as strong support. A sustained close above Rs 1,320 could accelerate gains for Rs 1,350.
Phoenix Mills | Buy | Target Price: Rs 1,832-1,850 | Stop Loss: Rs 1,530
Prices of Phoenix Mills surged nearly 7 per cent on Tuesday to close at Rs 1657, decisively crossing above a cluster of key moving averages, including the 21-day EMA, 55-day EMA, 100-day EMA and 200-day EMA. This breakout signals a potential trend reversal with renewed bullish momentum. The recent gain in prices has been accompanied by a significant gain in trading volumes. The RSI at 58.03 is strengthening, indicating improving buying interest. The MACD is turning positive, supporting upward momentum. With strong volume backing the move, the stock could extend gains towards the Rs 1,832-1,850 zone, while Rs 1,530 now acts as immediate support.
Chambal Fertilisers and Chemicals | Buy | Target Price: Rs 612-623 | Stop Loss: Rs 526
Chambal Fertilizers have successfully broken above a key horizontal resistance zone and are now comfortably trading above it, indicating strong bullish momentum. The stock is well-supported by the 21-day EMA, 55-day EMA, and 100-day EMA, reinforcing an upward trend. The RSI at 55.89 suggests sustained buying interest, while the MACD remains in positive territory, signaling continued strength. The breakout, backed by healthy volumes, suggests the potential for further upside towards Rs 612 and then Rs 623 levels in the near term. The newly formed support at Rs 526 will act as a cushion for any short-term dips, keeping the bullish bias intact.
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