Mphasis, Engineers India, Caplin Point: Top stocks to trade — Key levels, target prices & stop loss

Indian equity benchmark settled on a muted note on Tuesday amid the mounting global uncertainties. However, supportive global cues underscores the resilience of domestic demand and Indian economy. The BSE Sensex shed only 12.99 points, or 0.02 per cent, to close at 76,944.28, while NSE's Nifty50 lost 24.60 points, or 0.10 per cent, to end at 24,055.80 for the day.

Select buzzing stocks including Mphasis, Caplin Point Laboratories Ltd and Engineers India are likely to remain under the spotlight of traders for the session today. Here is what Rajesh Palviya, Head of Research at Axis Direct has to say on them ahead of Wednesday's trading session:

Caplin Point Laboratories | Buy | Target Price: Rs 2,820-2,920 | Stop Loss: Rs 2,640 Caplin Point has registered strong gains and has decisively surpassed the past couple of months' 'multiple resistance' zone of Rs 2,690 levels, along with huge volumes indicating resumption of the prior uptrend. It also registered an all-time high of Rs 2,750, indicating a positive bias. The stock is well placed above its 20, 50, 100 and 200-day SMAs. These averages are inching up along with the price rise, which reconfirms the bullish trend. The daily 'Bollinger Band' buy signal indicates increased momentum. Investors should consider buying, holding, and accumulating this stock. Its expected upside is Rs 2,820-2,920, and its downside support zone is the Rs 2,670-2,610 levels. 

Engineers India | Buy | Target Price: Rs 300-330 | Stop Loss: Rs 267 Engineers India Ltd is in a strong uptrend across all time frames, forming a series of higher tops and bottoms. It has decisively surpassed the 'multiple resistance' zone of Rs 267 on a closing basis, accompanied by huge volumes indicating increased participation. The stock is well placed above its 20, 50, 100 and 200-day SMAs. These averages are inching up along with the price rise, which reconfirms the bullish trend. The  daily and weekly 'Bollinger Band' buy signal indicates increased momentum. Investors should consider buying, holding, and accumulating this stock. Its expected upside is Rs 300-330, and its downside support zone is the Rs 270-265 levels.   Mphasis | Buy | Target Price: Rs 2,580-2,660 | Stop Loss: Rs 2,440 Mphasis Ltd has experienced a trend reversal as it is moving in higher tops and bottoms formations on the daily charts, indicating a positive bias. Rising volumes over the past three sessions indicate increased participation. The stock is well placed above its 20, 50, 100 and 200-day SMAs. These averages are also inching up along with the price rise, which reconfirms the bullish trend. The daily, weekly and monthly RSI is in favourable territory, indicating rising strength across all time frames. Investors should consider buying, holding, and accumulating this stock. Its expected upside is Rs 2,580-2,660, and its downside support zone is the Rs 2,460-2,420.