Ahead of Tuesday's trading session, Jigar S Patel, Senior Technical Research Analyst at Anand Rathi Share and Stock Brokers Ltd, has provided a detailed technical outlook on select buzzing stocks: Bharat Heavy Electricals Ltd (BHEL), Infosys Ltd, and InterGlobe Aviation Ltd (IndiGo).
Bharat Heavy Electricals (BHEL)
BHEL maintains a strong bullish structure, having broken out from a prolonged consolidation phase. The stock is trading comfortably above its 20-day, 50-day, and 200-day Exponential Moving Averages (EMAs), confirming a positive trend across multiple timeframes. Following a sharp rally, prices are now consolidating near recent highs, indicating healthy profit booking without undermining the broader uptrend. The Moving Average Convergence Divergence (MACD) is signaling a fresh bullish crossover, suggesting momentum may be turning positive again. While the cumulative volume delta (CVD) has softened, the stock's resilience at higher levels indicates sustained buyer interest.
- Recommendation: Buy
- Stop Loss: Rs 395
- Target Price: Rs 420-440
- Key Support: Rs 395-400
- Upside Potential: A sustained move above Rs 420 could lead to Rs 440-450.
Infosys
Infosys is showing early signs of recovery after an extended downtrend. The stock has sharply rebounded from recent lows and is now trading above its 20-day EMA, indicating improving short-term momentum. The MACD has generated a bullish crossover and is moving higher, reflecting strengthening buying momentum. However, the stock remains below its 50-day and 200-day EMAs, signaling that the broader trend is still weak. The cumulative volume delta (CVD) remains negative, suggesting that institutional buying confirmation is yet to materialize.
- Recommendation: Caution
- Immediate Support: Rs 1,050
- Immediate Resistance: Rs 1,130-1,165
- Major Hurdle: Rs 1,330
- Outlook: A sustained move above Rs 1,165 could trigger further short-covering and improve the medium-term outlook.
InterGlobe Aviation (IndiGo)
IndiGo has witnessed a strong recovery after breaking out of its medium-term consolidation range. The stock is trading above its 20-day, 50-day, and 200-day EMAs, confirming a bullish trend across multiple timeframes. After a sharp rally, the stock is currently consolidating near its recent highs, indicating healthy profit booking rather than a trend reversal. The MACD remains in positive territory despite some easing in momentum, suggesting the broader uptrend is still intact. The cumulative volume delta (CVD) is positive, highlighting continued buying interest and institutional accumulation.
- Recommendation: Buy
- Stop Loss: Rs 5,100
- Target Price: Rs 5,450-5,700
- Immediate Support: Rs 5,150-5,100
- Major Resistance: Rs 5,400-5,450
- Upside Potential: A decisive breakout above the major resistance could pave the way for a fresh rally towards Rs 5,700-5,900.
Disclaimer: This information is for informational purposes only and should not be construed as investment advice. Consult a qualified financial advisor before making any investment decisions.