Tata Power, HDFC, Dabur: How to trade these stocks amid results buzz?

Domestic stock indices snapped eight-day winning streak on Wednesday, as traders were on tenterhooks ahead of the US Fed's monetary policy announcement. For the day, the 30-share pack BSE Sensex dropped 161.41 points, or 0.26 per cent, to close at 61,193.30. The NSE Nifty declined 57.80 points, or 0.32 per cent, to settle at 18,089.85.

Select results-bound stocks were in action. They included HDFC, Tata Power and Dabur India. Here is what Laxmikant Shukla, Technical Research Analyst at YES Securities has to say on these stocks ahead of Thursday's trading session:

HDFC | Rangebound | Resistance: Rs 2,830 | Support: Rs 2,700
Stock of HDFC remained sideways in the last few weeks and failed to give any directional move. On the daily chart, the stock is facing a stiff resistance at Rs 2,830 level where top of a Bearish Belt Hold pattern was formed on April 17. The daily RSI turned lower and failed to surpass its prior peak, suggesting ambiguity. On the downside, the stock has formed base in the range of Rs 2,700-2,720.  Hence, a decisive move in either side is required for any diectional move.
 
Dabur India | Rangebound | Resistance: Rs 555 | Support: Rs 515
Shares of Dabur India remained confined within the broader range of Rs 555 -515 for the last five weeks. Occurrence of the ongoing series of Doji candlestick patterns, formed with prices enclosed within 200- and 50-DMAs indicate a range squeeze that could see a breakout or breakdown soon. A breakout above Rs 555 level would lead the stock price on the upside towards the Rs 590 level. A breach of Rs 515 on the downside could induce selling pressure towards the Rs 480 level.
 
Tata Power | Buy | Target Price: Rs 228 | Stop Loss: Rs 192
Tata Power saw a strong move last week. The scrip surged above 20-and 50-day moving averages on the daily chart. The stock recently saw some buying and emerged above the sloping trendline on the daily time frame, adding to the bullish quotient. The primary indicators are aligned with the trend, suggesting a continuation of the movement in a comparable period. Hence, one may buy the stock with a stop-loss of Rs 192 for a target of Rs 228.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Business Today.)

Also read: Adani Enterprises, HDFC, Tata Power to share Q4 results today; Crisil dividend & more