IndusInd Bank, Federal Bank, Voltamp, Graphite India: Key levels and targets to watch

Sebi-registered analyst Mitesh Panchal on Thursday said benchmark Nifty50 has been trading in a defined range over the past few weeks, and a decisive breakout is needed for fresh momentum.

"If you look at the behaviour of the indices over the last 15–20 days, it is quite clear that 25,000 on the downside and 26,000–26,200 on the upside are the key levels. We are trading within this range. Unless we break below 25,000 or move above 26,200, there won't be much excitement," he told Business Today.

Panchal said investors should shift their focus to individual stocks showing strong price action rather than the broader indices. "For now, we should keep the indices aside and focus on individual stocks where there is significant action. That should be the roadmap going forward," he added.

Among his top picks, Panchal highlighted Voltamp Transformers Ltd, which he said has witnessed a strong breakout after forming a base around Rs 7,500. "Voltamp has given a strong breakout after forming a bottom near Rs 7,500. With a stop loss at Rs 8,800, one can enter at current levels for a potential target of Rs 9,500–9,600," he said.

He also sees a recovery play in Graphite India Ltd. "Graphite India is making a comeback. With a stop loss at Rs 681, investors can enter for potential targets of Rs 780–850. These stocks are looking promising on the charts," Panchal noted.

From the banking space, Panchal prefers Federal Bank Ltd and IndusInd Bank Ltd. "Federal Bank is a 'BUY' for me. Going forward, there are strong possibilities that the stock could enter a new trading range between Rs 320 and Rs 340. IndusInd Bank is also a 'BUY'. It is a strong setup from Rs 850 onwards. The stock has shown solid strength, and there are strong possibilities that it could cross the Rs 1,000 level going ahead," Panchal said.