Indian equity benchmark indices posted solid gains on Thursday, driven by the US mid-term verdict which provided fresh momentum to domestic equities amidst easing bond yields and a sharp fall in crude oil prices. As markets look ahead to Friday's trading session, analysts are pinpointing several large-cap stocks poised for significant movement.
Vishnu Kant Upadhyay, AVP of Research at Master Capital Services, has offered detailed technical analysis and trading recommendations for State Bank of India (SBI), Adani Ports & Special Economic Zone (APSEZ), and Hindustan Aeronautics Ltd (HAL).
Hindustan Aeronautics (HAL)
HAL has exhibited a strong bullish signal, registering a decisive breakout from an inverse head and shoulders formation above the crucial resistance of Rs 4,750. This breakout indicates a potential continuation of its upward trend. Following this, the stock successfully retested the neckline trendline near Rs 4,600 and saw renewed buying interest. HAL's price has since resumed its upward trajectory, consistently forming higher highs and higher lows on the weekly chart. Furthermore, it continues to trade above its key 21, 55, 100, and 200-week Exponential Moving Averages (EMAs), reflecting robust underlying momentum. A definitive breakout above Rs 5,100 could trigger further upside.
- Recommendation: Buy
- Target Price: Rs 5,350-5,450
- Stop Loss: Rs 4,780
State Bank of India (SBI)
After an extended corrective phase, SBI has decisively reversed its downtrend by forming a double bottom pattern around the crucial horizontal support of Rs 940. The stock has now registered a clear breakout above this reversal formation, marking the creation of a higher high and signaling renewed buying interest. This breakout has also enabled SBI to reclaim its 21 and 55-day EMAs, reinforcing the improving technical outlook. The broader chart structure suggests a trading range between Rs 940 and Rs 1,130, implying potential for further upside towards the upper boundary, provided the stock sustains above the breakout zone.
- Recommendation: Buy
- Target Price: Rs 1,060-1,100
- Stop Loss: Rs 955
Adani Ports & Special Economic Zone (APSEZ)
Adani Ports has registered a decisive breakout above the crucial psychological and horizontal resistance of Rs 1,900, signaling fresh bullish momentum. It is currently sustaining above this breakout zone, which suggests strong buying interest and a potential continuation of the upward trend. The stock is comfortably trading above its key 21, 55, 100, and 200-day EMAs, reflecting a robust underlying chart structure. The recent breakout, supported by positive price action, reinforces the bullish outlook. Sustained trading above Rs 1,900 could open the door for further upside towards Rs 2,000-2,050 in the near term, while dips towards the breakout zone may offer fresh accumulation opportunities.
- Recommendation: Buy
- Target Price: Rs 2,000-2,080
- Stop Loss: Rs 1,750
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.