Airtel, BEL, Pidilite, Bank of India: Trading strategies for these buzzing stocks

Domestic stock indices tanked and settled sharply lower on Monday, with smallcap shares taking aa big hit after the market watchdog Sebi's commentary. The BSE Sensex dropped 616.75 points, or 0.83 per cent, to settle at 73,502.64. The NSE Nifty tanked about 160.90 points, or 0.72 per cent, to end the session at 22,332.65.

A few stocks namely Bharti Airtel Ltd, Bank of India Ltd, Bharat Electronics Ltd and Pidilite Industries Ltd are likely to be in focus today. Here is what analysts at Axis Securities has to say on these stocks ahead of Tuesday's trading session:

Bharti Airtel | Buy | Target Price: Rs 1,285-1,300 | Stop Loss: Rs 1,132
Bharti Airtel demonstrated a bullish breakout above the small falling channel pattern at Rs 1,150 on the weekly chart, suggesting a possible continuation of the medium-term uptrend. The breakout is confirmed by a strong bullish candle, indicating a positive bias in the stock price movement. The support for Bharti Airtel is seen above the 23 per cent Fibonacci retracement level of the rally, from Rs 735 to Rs 1,200, at Rs 1,098. The stock is forming a medium-term base for further potential upward movement. The weekly strength indicator RSI given a crossover above its reference line generated a buy signal. The above analysis indicates an upside towards Rs 1,285-1,330 levels.

Bank of India | Buy | Target Price: Rs 156-164 | Stop Loss: Rs 134
Bank of India demonstrated a bullish breakout above the descending triangular pattern at Rs 140 on the weekly chart, signaling the potential continuation of a post-consolidation rally. It maintains support above the 38 per cent Fibonacci retracement level of the rally, from Rs 86 to Rs 156, at Rs 129. The index is forming a medium-term base for further potential upward movement. The stock is exhibiting a pattern of higher high-low formations on the weekly chart and is holding above the upward sloping trendline, signalling positive bias. The weekly strength indicator RSI is in a bullish mode indicating a positive bias. The above analysis indicates an upside of Rs 156-164 levels.

Bharat Electronics | Buy | Target Price: Rs 233-242 | Stop Loss: Rs 199
Bharat Electronics (BEL) has broken out of a small consolidation zone in the Rs 197-177 range on the weekly charts, accompanied by a robust bullish candle at the end of February. The stock continued its upward momentum after the breakout and is expected to sustain its momentum. The stock is trending within a medium rising channel, having recently found support at the lower band and is now poised to move towards the upper band of the channel. The weekly strength indicator RSI is in a bullish mode and is holding above its reference line indicating a positive bias. It is forming a higher high-low confirming upward price moment. The above analysis indicates an upside of Rs 233-242 levels.

Pidilite Industries | Buy | Target Price: Rs 3,096-3,210 | Stop Loss: Rs 2,685
Pidilite has broken out of a two-and-a-half-year consolidation phase on the weekly chart, marked by a symmetrical triangular pattern at the Rs 2,800 level, implying a continuation of the medium-term uptrend. An increase in volume activity during the breakout suggests a surge in participation, signaling strong interest in the stock's upward movement. The stock is maintaining its position above the 20-, 50-, 100-, and 200-simple moving averages (SMA), indicating a positive bias in its price trend. The weekly Relative Strength Index (RSI) is in bullish mode, holding above its reference line suggesting a positive bias in a stock. The above analysis indicates an upside of Rs 3,096-3,210 levels.

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