In a period marked by persistent weakness in Indian benchmark indices, extending to a tenth consecutive week, domestic brokerage firm SMIFS has provided a list of select largecap stocks showing promising technical setups. The firm suggests investors consider HDFC Bank, Tech Mahindra, and Varun Beverages for potential gains over the coming one to two months.
Tech Mahindra: Holding Strong at Support
SMIFS recommends a buy range for Tech Mahindra Ltd between Rs 1,500 and Rs 1,520, setting a target price of Rs 1,660 and a stop loss at Rs 1,460. The brokerage notes that Tech Mahindra is currently holding near the lower end of its broader rising channel, signaling significant buying interest within the Rs 1,500–1,520 support zone. The stock has maintained a higher-low structure within this channel, indicating a constructive medium-term outlook. Its price is attempting to stabilize around a key moving average support, which could form a base for an upward trajectory. The bullish sentiment remains valid as long as the stock maintains above Rs 1,460 on a closing basis.
Varun Beverages: Stabilization After Correction
For Varun Beverages Ltd, SMIFS suggests a buy range of Rs 420–430, with a target price of Rs 466 and a stop loss at Rs 415. The stock is exhibiting signs of stabilization near the Rs 430–420 support zone, following a prolonged corrective phase, which points to renewed buying interest at lower levels. Varun Beverages has recovered from its channel support and is now consolidating around Rs 430. Recent price action indicates a gradual easing of selling pressure and an attempt to form a broader base. A sustained move above the current consolidation zone is expected to support further recovery. The bullish view holds as long as the stock stays above Rs 415.
HDFC Bank: Forming a Base Near Key Support
HDFC Bank Ltd is recommended with a buy range of Rs 700–710, a target price of Rs 770, and a stop loss at Rs 679. The bank's stock is trading near a crucial support zone around Rs 700, where it has shown signs of stabilization after its recent decline. Price action suggests HDFC Bank is attempting to form a base near the lower boundary of its broader declining channel. It is holding around its key moving average support, which could serve as a platform for a recovery towards higher levels. A sustained recovery above the recent consolidation zone is anticipated to improve momentum. The bullish outlook remains valid as long as the stock maintains above Rs 679 on a closing basis.
Disclaimer: This information is 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.