Indian equity benchmark indices opened the second half of the year with positive momentum. The BSE Sensex rose 443.97 points (0.58%) to close at 76,922.64, while NSE's Nifty50 surged 140.10 points (0.59%) to end at 24,005.85. Traders are closely monitoring the West Asia conflict, India-US trade deal clarity, inflationary cues, and upcoming corporate earnings.
Amidst this market activity, select buzzing banking stocks like Hexaware Technologies, Eternal, and RITES are drawing significant attention. Laxmikant Shukla, Technical Research Analyst at YES Securities, provides his insights and recommendations ahead of Thursday's trading session.
Eternal: Buy on Dips
Eternal Ltd has shown strong performance, rallying over 25% since its mid-March low of around Rs 212. The stock recently achieved a range breakout above its previous month's peak, supported by a bullish MACD crossover. Currently, Eternal is trading near its 200-day Simple Moving Average (SMA), and the daily Relative Strength Index (RSI) is approaching overbought territory near 69. This indicates robust upward momentum but also suggests a potential for short-term consolidation after its sharp ascent.
For traders, dips into the Rs 268–270 zone present an attractive risk-reward entry opportunity. A sustained move above Rs 280 could pave the way for an advance towards a target price of Rs 300. The bullish outlook remains valid as long as the Rs 255 level holds as a critical support.
RITES: Exercise Caution
RITES Ltd staged a notable recovery from lower levels, gaining approximately 13% to close at Rs 230.80. This rebound followed the announcement of a Project Management Consultancy (PMC) order worth Rs 175.41 crore from Babasaheb Bhimrao Ambedkar University. Momentum indicators are improving, aligning with the recent bullish price action and supporting the stock's recovery.
In the near term, RITES faces a significant resistance zone between Rs 240–245. This area is crucial as it coincides with a bearish crossover between the monthly 20- and 50-period SMAs, potentially prompting profit-taking. A decisive breakout above Rs 245 would confirm further upside potential, opening the path towards the next resistance band around Rs 260–265. On the downside, immediate support is found near the 200-day SMA at approximately Rs 225, with a deeper support level around Rs 215 if a correction extends.
Hexaware Technologies: Buy
Hexaware Technologies Ltd has been in a consolidation phase over the past few weeks, forming a strong support base that aligns with historical support levels observed in April 2026. Recently, the stock has gained upward traction, breaking out of its consolidation on daily charts. Given its current positioning, the downside risk appears limited, offering an excellent opportunity to accumulate shares with a favorable risk-reward ratio for the short to medium term.
YES Securities recommends buying Hexaware Technologies around the Rs 545-550 range, setting a stop loss at Rs 515 for a potential target price of Rs 620.
Disclaimer: This article provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.