Indian equity benchmark indices closed higher on Friday, despite some profit booking at elevated levels. Positive Q1 earnings from India Inc supported market sentiment, though inflation concerns persisted. The BSE Sensex advanced 0.21 percent to 78,094.64, and the NSE Nifty50 gained 0.27 percent, settling at 24,383.60 for the day.
As traders prepare for the upcoming session, select buzzing stocks like Bajaj Finance Ltd, DLF, and Adani Power Ltd are expected to remain in focus. Muthuselvaraj M, a Research Analyst at Mirae Asset Sharekhan, offers insights into their potential movements.
Bajaj Finance: Bullish Momentum Ahead
Bajaj Finance is exhibiting a 'higher top, higher bottom' chart pattern, indicating strong bullish momentum. The stock has successfully broken above its previous swing high on the daily chart and is well-supported by all key moving averages, with momentum indicators remaining positive.
- Outlook: Buy
- Target Price: Rs 1,206–1,285
- Stop Loss: Rs 1,001 (major support for short to medium term)
DLF: Constructive Consolidation
After a recent correction from its swing high, DLF Ltd has been consolidating within a constructive price structure on the weekly chart, specifically within the Rs 550–700 range. The stock recently surpassed its 200-Day Exponential Moving Average (DEMA) at Rs 646. A sustained break above the immediate resistance of Rs 700 could trigger a rally.
- Outlook: Neutral to Positive
- Resistance: Rs 700 (immediate hurdle), Rs 780 (medium-term target)
- Support: Rs 480 (major support at Rs 490 for short to medium term)
Adani Power: Short-Term Weakness Expected
Adani Power has turned negative following a 'head and shoulders' breakdown on the daily chart, suggesting continued short-term weakness. The stock is currently trading below its 20-Day Exponential Moving Average (DEMA) at Rs 216, which acts as a key hurdle. A sustained break above this level might lead to a pullback.
- Outlook: Sideways to Negative (until price crosses Rs 216)
- Resistance: Rs 216 (key hurdle), Rs 225, Rs 235 (potential pullback targets)
- Support: Rs 205 (potential decline target)
Disclaimer: This information is for educational purposes only and should not be considered investment advice. Readers are strongly encouraged to consult with a qualified financial advisor before making any investment decisions.