Jio Financial, HDFC Bank, Muthoot Finance: How to trade these 3 buzzing largecap stocks

Indian benchmark indices ended the truncated week with big gains on Thursday on the back of positive global and domestic cues amid a muted Q4 earnings performance by India Inc. A pause in reciprocal tariffs and exemptions to select articles supported the sentiments. BSE Sensex zoomed 1,508.91 points, or 1.96 per cent to settle at 78,553.20, while NSE's Nifty50 surged 414.45 points, or 1.77 per cent to end at 23,851.65 for the day.

 

Select buzzing stocks including Jio Financial Services, Muthoot Finance and HDFC Bank are likely to remain under the spotlight of traders for the session today. Here is what Mileen Vasudeo, Senior Technical Analyst at Arihant Capital Markets has to about these stocks ahead of Monday's trading session:

 

Jio Financial Services | Buy | Target Price: Rs 280-301 | Stop Loss: Rs 225

We are observing a double bottom formation in Jio Financial at Rs 198 level on the daily charts. Further, prices are making a higher high which is a sign of strength. Even the momentum indicator RSI is positively poised. Combining the above parameter, it is evident that momentum on the upside is likely to continue. Hence, one can 'buy' the stock at current levels with a stop loss of Rs 225 for a target Rs 280–301 levels in a couple of weeks.

 

HDFC Bank | Buy | Target Price: Rs 2,010-2,070 | Stop Loss: Rs 1,850

We are observing a strong uptrend in HDFC Bank on the daily charts. At present, prices are extended from the 10-day SMA (Rs 1,815). However, the momentum indicator RSI is positively poised. This suggests that momentum on the upside is likely to continue. Hence, one can buy the stock at current levels with a stop loss of Rs 1,850 for a target Rs 2,010–2,070 levels in a couple of weeks.

 

Muthoot Finance | Buy | Target Price: Rs 2,267-2,340 | Stop Loss: Rs 2,025

We are observing that Muthoot Finance is in a downtrend on the daily charts. However, the prices have tested the 200-day SMA (Rs 2,031) and have taken support at the mentioned level. Hence, a pullback rally cannot be ruled out. Even, the momentum indicator RSI is positively poised. Hence, one can buy the stock at current levels with a stop loss of Rs 2,025 for a target Rs 2,267–2,340 in a couple of weeks.