Hero MotoCorp, Grasim, IRCTC: Support & resistance levels for these buzzing stocks

Benchmark indices on Tuesday settled in the red after a volatile trading session. Traders remained cautious ahead of the RBI's monetary policy outcome due later in the week and also ahead of key economic data from the US. The BSE Sensex dropped 106.98 points, or 0.16 per cent, to 65,846.50. The NSE Nifty shed 26.45 points, or 0.13 per cent, to settle at 19,570.85.

Select stocks namely Hero MotoCorp, Grasim Industries and Indian Railway Catering and Tourism Corporation (IRCTC) are likely to be in limelight today. Here is what Pravesh Gour, Senior Technical Analyst at Swastika Investmart has to say on these stocks ahead of Wednesday's trading session:

Hero MotoCorp | Buy | Target Price: Rs 3,200-3,400 | Stop Loss: Rs 2,900
Hero MotoCorp faced trend-line resistance at Rs 3,200 but witnessed a profit booking that dragged it towards the recent breakout level of Rs 2,900. From there, it has started a fresh leg of rally. The overall structure looks good for traders, as the stock is trading above its key moving averages of 50-, 100- and 200-SMAs. The stock has formed a strong base at Rs 2,900; on the upside, the Rs 3,200 level will be the psychological resistance level; above this, one can expect a rally towards Rs 3,400. On the downside, the Rs 2,900 level is an important support level during any correction.

Grasim Industries | Buy | Target Price: Rs 2,000 | Stop Loss: Rs 1,750
The structure of Grasim Industries is very lucrative for traders, as it has witnessed a breakout of long trend-line resistance and made a triangle formation on the longer timeframe. MACD is supporting the current strength whereas the momentum indicator RSI is also positively poised. On the upside, the  Rs 1,930 level is an immediate hurdle; above this, one can expect a move towards Rs 2,000-plus levels. On the downside, the Rs 1,750 level is a strong demand zone during any correction.

IRCTC | Buy (above Rs 680) | Target Price: Rs 700 | Stop Loss: Rs 600
On the longer timeframe, IRCTC has been range-bound. It is forming the right shoulder of an Inverse Head and Shoulder formation, the breakout of which will occur above Rs 680 level. Below Rs 680, the structure on the counter will become indecisive. The stock has a demand zone near Rs 600 level. On the upside, the Rs 680 level is an immediate susceptible area; above this, one can expect a run-up towards Rs 700-plus levels in the near term.


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

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