KPIT Tech, UCO Bank, SJVN: Trading strategy for buzzing Dalal street stocks

Domestic equity indices dropped for a third straight session on Thursday amid across-the-global selloff, thanks to hawkish comments by the US Fed that raised fears of a longer-than-expected hold on interest rates. The 30-share pack BSE Sensex tumbled 570.60 points, or 0.85 per cent, to end the day at 66,230.24. NSE's Nifty plunged 159.05 points, or 19,742.35 per cent, to settle at 19,742.35

A few stocks namely KPIT Technologies, UCO Bank and SJVN are likely to be buzzing today. Here is what Avdhut Bagkar, Technical and derivative analyst at StoxBox has to say on these stocks ahead of Friday's trading session:

KPIT Technologies | Cautious | Resistance: Rs 1,200 | Support: Rs 917
KPIT Tech has slipped below the support of Rs 1,100, which served as its breakout mark in early August. However, the immediate support exists at Rs 1,063, which is its 100-SMA. The level represents a reversal. If the stock fails to adhere to this support, the price action may dwindle to Rs 917, its 200-SMA. Only an aggressive move over Rs 1,200-level could help regain the losing bias.

SJVN | Cautious | Support: Rs 65
Post hitting a new all-time high on Wednesday, shares of SJVN made a reversal, correcting over 12 per cent on Thursday. The counter may test the support of Rs 65 level, as per the daily chart. A breakdown below the Rs 60 level  should trigger aggressive selling pressure.

UCO Bank | Buy | Target Price: Rs 60 |
The overall outlook of UCO Bank suggests a constructive bias, with price action denoting a positive advance towards the Rs 60 level. The accumulation prejudice stays in the range of Rs 38 to Rs 35, where the bulls may re-enter for a larger perspective. The short-term trend favours volatility, considering the present softness in the benchmark indices.


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