ITC, Titan, Infosys: Trading strategies for these buzzing blue-chip stocks

Indian headlines indices kicked off the week on a positive note and managed to post mild gains on Monday amid mixed global cues. Traders awaited the monetary policy actions due later in the week. BSE Sensex tanked 104.99 points, or 0.14 per cent, to end the day at 72,748.42. NSE's Nifty ended at 22,055.70, dropped 32.35 points, or 0.15 per cent for the day.

Some buzzing blue-chip stocks namely ITC Ltd, Infosys Ltd and Titan Company Ltd are likely to remain under the spotlight of traders for the session today. Here is what Shiju Koothupalakkal - Technical Research Analyst at Prabhudas Lilladher has to say on these stocks ahead of Tuesday's trading session:

ITC | Buy | Resistance: Rs 470 | Stop Loss: Rs 397
ITC has been in consolidation for quite some time near the Rs 400-415 zone maintaining stability and with a decent move past the Rs 420 zone has improved the bias. The stock needs to sustain above the Rs 415 zone for the bias to remain intact and thereafter anticipate for further rise. The RSI is well placed and has indicated immense upside potential to carry on with the positive move. With the chart looking good, one can buy and accumulate the stock for an upside target of Rs 470 levels keeping the stop loss of 397.    

Titan Company | Hold | Resistance: Rs 3,825 | Support: Rs 3,500
Titan after the strong rally witnessed has been in consolidation since the last two months and finding resistance near Rs 3,825 zone has slipped down with profit booking to slide below the important 50-EMA level of Rs 3,660. The overall bias is slightly weak and can expect some further slide in the coming days. The near-term support is at around Rs 3,500 levels where if it sustains, thereafter can expect a pullback to improve the bias. So as of now, one can hold to this stock keeping the support at Rs 3,500 zone failing which, one needs to exit from this stock.

Infosys | Hold | Resistance: Rs 1,660 | Support: Rs 1,550
Infosys has picked up well in the last 4-5 months and recently with a slide witnessed has taken support near Rs 1,575 zone and indicated pullback to improve the bias forming a higher low pattern. One can hold on to the stock with near-term support visible near the important Rs 1,550 zone and only a confirmed decisive breach below this level, would turn the bias weak. The RSI is well placed and has further upside potential and a decisive move past the Rs 1,660 levels would further strengthen the bias to anticipate further upward move in the coming days.


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