SBI, Tata Communications, BHEL: Key support and resistance levels for these buzzing stocks
SBI has been forming higher high- low formations on the daily timeframe. The stock has seen profit booking at higher levels.
- Mar 13, 2024,
- Updated Mar 13, 2024 8:24 AM IST
Indian benchmark indices on Tuesday settled marginally higher after a volatile trading session. Profit booking was seen at higher level ahead of key economic data. The BSE Sensex rose 165.32 points, or 0.22 per cent, to end the day at 73,667.96. The NSE Nifty ended flat at 22,335.70, adding 3.05 points, or 0.01 per cent. A few stocks namely State Bank of India Ltd, Bharat Heavy Electricals Ltd (BHEL) and Tata Communications Ltd are likely to be in focus today. Here is what Pravesh Gour, Senior Technical Analyst at Swastika Investmart has to say on these stocks ahead of Wednesday's trading session:State Bank of India | Resistance: Rs 800-850 | Support: Rs 750-700 SBI has been forming higher high-low formations on the daily timeframe. The stock has seen profit booking at higher levels. The counter has been trading near its important support zone where the trend-line support and the 20-DMA are placed. If the counter respects the level, one can expect a short covering towards the Rs 800 level in the short term. The Rs 850 level will be the next target to watch for. If SBI slips below the Rs 750 level, the next support is placed at Rs 700 during any correction.Tata Communications | Resistance: Rs 2,100-2,150 | Support: Rs 1,900 Tata Communications is in a classical uptrend and has witnessed a breakout of long consolidation on the longer timeframe. The overall structure is very bullish as the stock trades above its all-important moving averages. The MACD indicator is supportive of the counter's current strength, indicating potential upward momentum. Additionally, the RSI is positively poised. It has a psychological resistance level stands at Rs 2,100. If the stock manages to break above the Rs 2,150 resistance level with conviction, further upside is likely. If there is a correction, the major support level is identified at Rs 1,900. It is suggested that both long- and short-term investors follow the buy-on-dip strategy.Bharat Heavy Electricals | Resistance: Rs 260-280 | Support: Rs 240-215 BHEL has shown some profit booking in the last 5–6 sessions. The counter has witnessed a breakout of the triangle formation with strong volume. It has retested its previous breakout level at Rs 240. The structure of the counter looks lucrative, as it is trading above all its important moving averages. MACD is supporting the current strength, whereas the momentum indicator RSI is also positively poised. On the upside, the Rs 260 level is the immediate hurdle and one can expect a move towards Rs 280. On the downside, the Rs 240 level will be a support, below which Rs 215 is a strong demand zone during any correction.
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.
Indian benchmark indices on Tuesday settled marginally higher after a volatile trading session. Profit booking was seen at higher level ahead of key economic data. The BSE Sensex rose 165.32 points, or 0.22 per cent, to end the day at 73,667.96. The NSE Nifty ended flat at 22,335.70, adding 3.05 points, or 0.01 per cent. A few stocks namely State Bank of India Ltd, Bharat Heavy Electricals Ltd (BHEL) and Tata Communications Ltd are likely to be in focus today. Here is what Pravesh Gour, Senior Technical Analyst at Swastika Investmart has to say on these stocks ahead of Wednesday's trading session:State Bank of India | Resistance: Rs 800-850 | Support: Rs 750-700 SBI has been forming higher high-low formations on the daily timeframe. The stock has seen profit booking at higher levels. The counter has been trading near its important support zone where the trend-line support and the 20-DMA are placed. If the counter respects the level, one can expect a short covering towards the Rs 800 level in the short term. The Rs 850 level will be the next target to watch for. If SBI slips below the Rs 750 level, the next support is placed at Rs 700 during any correction.Tata Communications | Resistance: Rs 2,100-2,150 | Support: Rs 1,900 Tata Communications is in a classical uptrend and has witnessed a breakout of long consolidation on the longer timeframe. The overall structure is very bullish as the stock trades above its all-important moving averages. The MACD indicator is supportive of the counter's current strength, indicating potential upward momentum. Additionally, the RSI is positively poised. It has a psychological resistance level stands at Rs 2,100. If the stock manages to break above the Rs 2,150 resistance level with conviction, further upside is likely. If there is a correction, the major support level is identified at Rs 1,900. It is suggested that both long- and short-term investors follow the buy-on-dip strategy.Bharat Heavy Electricals | Resistance: Rs 260-280 | Support: Rs 240-215 BHEL has shown some profit booking in the last 5–6 sessions. The counter has witnessed a breakout of the triangle formation with strong volume. It has retested its previous breakout level at Rs 240. The structure of the counter looks lucrative, as it is trading above all its important moving averages. MACD is supporting the current strength, whereas the momentum indicator RSI is also positively poised. On the upside, the Rs 260 level is the immediate hurdle and one can expect a move towards Rs 280. On the downside, the Rs 240 level will be a support, below which Rs 215 is a strong demand zone during any correction.
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.