Nestle, SBI Life, Maruti Suzuki: How to trade these stocks amid results buzz?

Domestic benchmark indices defied negative global cues and posted gains for the straight fourth session on Tuesday. The BSE Sensex added 74.61 points, or 0.12 per cent, to close at 60,130.71 . The NSE Nifty gained 25.85 points, or 0.15 per cent, to settle at 17,769.25 for the day.

During the session, select result-bound stocks were on traders' radar. They included Nestle India, SBI Life Insurance Company and Maruti Suzuki India were under the spotlight. Here is what Vaishali Parekh, Vice President - Technical Research at Prabhudas Lilladher has to say on these stocks ahead of Wednesday's trading session:

Nestle India | Book Partial Profits | Resistance: Rs 21,050 | Support: Rs 20,300

Nestle India's stock has almost reached its previous peak of Rs 21,050 level where there is a resistance. The stock would need to cross that level decisively for further upward move. The near term support zone is at Rs 20,300 level. Traders can book partial profits, up to 50 per cent, near the resistance level of Rs 21,050. Remaining quantity can be held for a longer period.

Maruti Suzuki India | Sell, if breaches Rs 8,200 | Resistance: Rs 8,740
Maruti Suzuki's stock has indicated weak bias, as it fell from its significant 200-DMA level of Rs 8,740. It has found support near Rs 8,200 level. Traders can hold the stock on a positional basis, but they must book profits or exit the counter once the stock breaches below the Rs 8,200 level.

SBI Life Insurance Company Sell, if breaches Rs 1,050 | Resistance: Rs 1,150
Shares of SBI Life Insurance have just resisted Rs 1,150 level and slipped, with the major support lying near the Rs 1,050 level. For the bias to improve, it would need SBI Life to cross above the significant 50-EMA level of Rs 1,140 and establish some conviction for further upward move. Trades can hold the stock, but should exit the counter if it breaches Rs 1,150-level.


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

Also read: Maruti Suzuki Q4 results preview: Profit may surge 50%, margin expansion likely