Domestic stock indices gave up early gains on Thursday amid the expiry of weekly F&O derivatives. But they managed to post mild gains for the third straight session. The 30-share pack BSE Sensex rose 44.42 points, or 0.07 per cent, to 61,319.51. NSE's Nifty50 gained 20 points, or 0.11 per cent, to 18,035.85
Select stocks such as Infosys, Adani Ports & Special Economic Zone and Nestle India were on traders' radar. Here is what Rohan Shah, Head Technical Analyst at Stoxbox has to say on these stocks ahead of Friday's trading session:
Infosys | Buy | Target Price: Rs 1,730-1,800
Infosys gave a stellar run between 2020 and early 2022, where the stock price rallied from Rs 510 to Rs 1,950. After hitting a life-time high at Rs 1,950 in January 2022, the stock experienced profit booking that played out for more than a year. Since June 2022, the stock has been trading sideways (Rs 1,650-1,350). Currently, the stock is placed above the median line of the mentioned channel, which is a positive sign. There are hints that price is likely to head higher to test the upper end of the channel, which is placed around Rs 1,650. A decisive breakout is required for the price to stage a new leg of rally, which, if it does, will open the gate for Rs 1,730-1,800 levels.
Nestle India | Hold | Target Price: Rs 20,200-20,300
Nestle India has been trading into an intermediate descending channel since the last couple of months. In the last few days, the stock has been consolidating in the tight range that held around at lower end of the channel. Around the same juncture, the stock triggered a PRZ of the bullish Bat Harmonic Pattern, which is a bullish sign. The stock reversed strongly, hitting the PRZ of the said harmonic pattern. It also concluded a breakout from the brief consolidation, with supportive volumes and momentum. As per the price action, the stock is anticipated to move higher towards the upper end of the channel in the near term, which is placed around at Rs 20,200-20,300 levels.
Adani Ports | Cautious | Resistance: Rs 620-650 | Support: Rs 540 |
Adani Ports shares experienced a sharp selloff in January and early February, where the stock price tumbled from Rs 825 to Rs 400 levels. However, the stock reversed strongly from the Rs 400 mark, which coincides with the PRZ of Bullish Crab Harmonic Pattern and its multiyear polarity support. The stock rallied from Rs 400 to Rs 600 in the matter of four days, before facing resistance around 13-DEMA and its previous intermediate polarity resistance.
Going forward, if the stock sustains and closes above 13 DEMA, it should head higher towards Rs 620 and Rs 650 levels. A failure to do so may drag the stock towards its intermediate support of Rs 540, followed by Rs 510.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Business Today)
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