Indian equity markets experienced minimal changes as traders awaited central bank policy outcomes, amidst inflation concerns fueled by geopolitical tensions in West Asia. The BSE Sensex closed down 69.86 points (0.09%) at 76,765.92, while the NSE Nifty50 dipped 10.60 points (0.04%) to end at 23,985.35.
Despite the cautious market, select stocks like Eternal, Lodha Developers Ltd (formerly Macrotech Developers Ltd), and GlaxoSmithKline Pharmaceuticals Ltd (GSK Pharma) are expected to draw significant attention from traders. Rajesh Palviya, Head of Research at Axis Direct, has provided detailed recommendations for these stocks for today's trading session.
GlaxoSmithKline Pharmaceuticals (GSK Pharma)
Axis Direct recommends a 'Buy' for GSK Pharma, citing the stock's decisive surpass of a 'multiple resistance zone' breakout at Rs 2,570, accompanied by substantial trading volumes. The stock is positioned strongly above its 20, 50, and 100-day Simple Moving Averages (SMAs), which are also trending upwards, reinforcing a bullish outlook. Daily and weekly Bollinger Band buy signals further indicate increased momentum, while daily, weekly, and monthly Relative Strength Index (RSI) readings show rising strength.
- Recommendation: Buy
- Target Price: Rs 2,750-2,850
- Stop Loss: Rs 2,570
Lodha Developers Ltd
Lodha Developers is also a 'Buy' recommendation from Axis Direct, exhibiting a robust uptrend on both daily and weekly charts, characterized by a series of higher tops and bottoms. This pattern signals a positive bias. The stock has moved above its weekly multiple supply zone of Rs 1,250-1,255. Significant trading volumes over the past few months suggest increased market participation. Like GSK Pharma, Lodha is trading above its 20, 50, and 100-day SMAs, with these averages also ascending, confirming bullish sentiment. The daily, weekly, and monthly RSI remain bullish, indicating sustained strength.
- Recommendation: Buy
- Target Price: Rs 1,450-1,530
- Stop Loss: Rs 1,240
Eternal
Eternal is another 'Buy' pick, having registered a 'multiple resistance' breakout at Rs 300 on a closing basis with considerable volumes, signaling a resumption of its prior uptrend. The stock is comfortably above its 20, 50, and 100-day SMAs, which are also rising, confirming a bullish sentiment. Daily and weekly Bollinger Band buy signals, alongside bullish daily, weekly, and monthly RSI, point to strong momentum and rising strength.
- Recommendation: Buy
- Target Price: Rs 330-355
- Stop Loss: Rs 297
Disclaimer: This information is for educational purposes only and should not be considered investment advice. Always consult a qualified financial advisor before making any investment decisions.