Tata Power, Hindalco, Coal India: Key levels to watch out for in these buzzing stocks

Domestic equity markets settled higher on Monday after a choppy trading session. The gained were capped due to muted global cues and FIIs selling. The BSE Sensex gained 232.23 points, or 0.35 per cent, to settle at 65,953.48. The NSE Nifty added 80.30 points, or 0.41 per cent, to end the day at 19,597.30.

Select results-bound stocks such as Tata Power Company, Coal India and Hindalco Industries are likely to remain under the spotlight today. Here is what Vaishali Parekh, Vice President - Technical Research at Prabhudas Lilladher has to say on these stocks ahead of Tuesday's trading session:

Coal India | Range-bound | Resistance: Rs 242 | Support: Rs 225
Coal India has been moving sideways, hovering near the important 50-EMA and significant 200- DMA level of Rs 228-230 zone. It would need a decisive breach of Rs 242 for a fresh breakout. At the same time, the Rs 225 level is seen as a good support and only a decisive breach below this would turn the overall bias negative. Till then, sideways movement is anticipated.

Hindalco Industries | Buy | Target Price: Rs 475-480 | Stop Loss: Rs 430
Hindalco has been gradually rising from a strong support zone of 400-410 levels. It has moved past the important moving averages of 50-EMA and 200-DMA and can hit the near term target of Rs 475-480 in coming days. The support comes in near Rs 430 at the cluster of averages and a decisive breach below it would negate the overall positive bias. One can accumulate the stock, keeping the levels in mind and stay invested.

Tata Power Company | Support: Rs 225 | Resistance: Rs 245 |
Tata Power saw decent gains recently to touch the peak zone of Rs 245 level. But the stock faced some resistance and profit booking a bit. The near term support stands at Rs 225. On the upper side, a decisive breach above Rs 245 would confirm a breakout and hint at fresh upside move.

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

Also read: Adani Ports Q1 results preview: Sales likely to grow 15-20%, profit may jump sharply

Also read: This Tata Group stock has delivered flat returns in 2023; where is it headed?