Indian equity markets experienced mixed trading on Thursday, ultimately achieving modest gains. This cautious optimism was driven by potential developments in a US-Iran peace deal, though investor sentiment remained guarded ahead of the US FOMC policy announcement. Against this backdrop, several prominent stocks are capturing analyst attention for potential upside.
Vishnu Kant Upadhyay, AVP of Research at Master Capital Services, has identified Bharat Electronics Ltd (BEL), NTPC Ltd, and Lupin as key stocks to watch, providing detailed technical analysis, price targets, and recommended stop-loss levels for Friday's trading session.
Bharat Electronics (BEL): Technical Breakout Signals Uptrend
Bharat Electronics has confirmed a significant consolidation breakout, moving decisively above the Rs 418 resistance zone. This technical pattern suggests a resumption of its broader uptrend. Before this breakout, the stock found robust support in the Rs 400-410 range, which aligns with both its 200-day Exponential Moving Average (EMA) and a crucial horizontal support level, indicating strong buying interest at lower valuations.
- Recommendation: Buy
- Target Price: Rs 470
- Stop Loss: Rs 402
The breakout was accompanied by a sharp increase in trading volumes, underscoring strong accumulation and active market participation. BEL continues to exhibit a favorable higher-high, higher-low price structure, while its Relative Strength Index (RSI) at 57 reflects improving momentum, supporting further potential gains.
NTPC: Bullish Reversal from Demand Zone
NTPC Ltd is displaying early indicators of a bullish reversal, following a strong rebound from its critical Rs 345-350 demand zone. The stock price has successfully reclaimed the Rs 350 support level and is currently attempting to break above the 200-day EMA, positioned near Rs 360. A successful breach of this level could signal a shift in short-term momentum.
- Recommendation: Buy
- Target Price: Rs 390-400
- Stop Loss: Rs 340
Trading volumes have improved during the recent recovery, indicating renewed buying interest. Although the RSI, currently at 42, remains below the conventionally bullish zone, its recovery from oversold levels supports the potential for a trend reversal. With prices consistently holding above the upper range of its consolidation band, further upside towards the Rs 390-400 price zone appears plausible.
Lupin: Decisive Breakout from Rising Channel
Lupin has achieved a decisive breakout above the Rs 2,310 resistance zone, after consolidating for several weeks within a rising channel. This period of consolidation largely occurred around the 21 and 55 EMAs and was characterized by below-average trading volumes, suggesting an absence of significant selling pressure.
- Recommendation: Buy
- Target Price: Rs 2,470-2,500
- Stop Loss: Rs 2,200
The breakout effectively negates the stock's previous downtrend and signals a potential shift in its overall trend direction. Supported by healthy volume expansion, Lupin has reclaimed all its key moving averages and is now exhibiting an improving higher-high, higher-low structure. With its RSI holding near 59, momentum remains supportive of continued upside potential.
Disclaimer: This article provides stock market information 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.