Infosys, ITC, IndusInd Bank: Trading strategies for these 3 largecap stocks

Domestic equity indices settled marginally lower on Tuesday after a volatile trading session. A strengthening dollar, rising bond yields and worries over sticky inflation weighed on the sentiment. The BSE Sensex shed 78.22 points, or 0.12 per cent, to settle at 65,945.47. The NSE's Nifty retreated 9.85 points, or 0.05 per cent, to end at 19,664.70.

A few active counters namely Infosys, ITC and IndusInd Bank are likely to remain in focus in today’s session. Here is what Vaishali Parekh, Vice President - Technical Research at Prabhudas Lilladher has to say on these stocks ahead of Wednesday's trading session:

Infosys | Hold | Target Price: Rs 1,600-1,675 | Stop Loss: Rs 1,430
Infosys has recently witnessed a decent pullback from Rs 1,300 zone, as it touched the peak level of Rs 1,518, before seeing some profit booking. The near-term support strands at Rs 1,430 level, which is near the significant 50-EMA zone. This is where  the stock can see some consolidation. On the upside, a decisive breach above Rs 1,520 is necessary to indicate a breakout. We expect a further rise, in such a case, for the next targets of Rs 1,600 and Rs 1,675, respectively.

ITC | Buy | Target Price: Rs 474-488  | Stop Loss: Rs 435
ITC formed a strong base near Rs 435 zone and after witnessing a pullback, it found resistance near the Rs 455 level. The barrier of Rs 455 needs to be breached to carry on the momentum further. In such a case, the next upside targets would be Rs 474 and Rs 488, respectively. At the same time, a decisive breach below the Rs 435 level would weaken the bias and the stock may further slide. A major support is visible near Rs 415 level.
 
IndusInd Bank | Hold | Target Price: Rs 1,520-1,640 | Stop Loss: Rs 1,375
IndusInd Bank has been in consolidation for quite some time with resistance barrier near Rs 1,465 levels. The stock has maintained above the significant 50-EMA levels in the last two months. The near-term support would be lying near Rs 1,375 zone, below which the trend would turn a little bit weak. At the same time, a decisive breach above Rs 1,465 would trigger for fresh upward move, with next targets visible at Rs 1,520 and Rs 1,640, respectively.


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.

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