Indian equity benchmarks closed higher on Friday after a highly volatile session, driven by buying interest in banking, financials and IT stocks. The BSE Sensex pack gained 193 points or 0.23 per cent to end at 83,433, while the NSE Nifty index advanced 56 points or 0.22 per cent to close at 25,461. However, broader indices were largely unchanged, with the BSE MidCap slipping 0.01 per cent and the SmallCap index edging up 0.03 per cent.
Looking ahead, select buzzing stocks like Bharat Petroleum Corporation Ltd (BPCL), IIFL Finance Ltd and Muthoot Finance Ltd are expected to remain in focus among traders. Here’s what Rupak De, Senior Technical Analyst at LKP Securities, suggests for short-term trading:
Buy BPCL @ Rs 346.20 | Target: Rs 375 | Stop Loss: Rs 333
The stock has gained momentum after breaking out of a consolidation phase on the daily charts, signalling a surge in buying interest. In the near term, it is expected to maintain this positive trend as long as it stays above Rs 333. If the upward momentum continues, the stock could potentially rise towards Rs 375.
Buy IIFL Finance @ Rs 474.85 | Target: Rs 500 | Stop Loss: Rs 458
The stock has formed a bullish engulfing pattern, suggesting the potential for a strong upward move. Additionally, the daily Relative Strength Index (RSI) is nearing a bullish breakout, reinforcing the positive sentiment. In the short term, the stock could advance towards Rs 500, with immediate support seen at Rs 458.
Buy Muthoot Finance @ Rs 2,663 | Target: Rs 2,850 | Stop Loss: Rs 2,584
The stock has shown strength in recent sessions, with the RSI indicating a bullish crossover that supports the ongoing positive momentum. The technical setup remains constructive, suggesting a potential rally towards Rs 2,850. On the downside, immediate support is placed at Rs 2,584.
Disclaimer: Business Today 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.