ICICI Bank, Voltas, Engineers India: Trading strategies for these buzzing stocks

Domestic stock indices posted big gains on Wednesday amid across-the-board buying. The BSE Sensex surged 727.71 points, or 1.10 per cent, to end at 66,901.91. The NSE Nifty50 climbed 207 points, or 1.04 per cent, to end the day at 20,096.60.

A few stocks namely Engineers India Ltd, ICICI Bank Ltd and Voltas Ltd may stay in spotlight today. Here is what Laxmikant Shukla, Technical Research Analyst at YES Securities has to say on these stocks ahead of Thursday's trading session:

Engineers India | Buy | Target Price: Rs 172 | Stop Loss: Rs 138
Engineers India has exhibited a notable breakthrough, surpassing the previous swing high with substantial trading volumes. This suggests a sustained momentum in the current trend. The momentum indicator RSI is also playing a significant role as it remains above the critical level of 60, affirming the bullish sentiment. In terms of support and potential gains, the stock has a solid foundation due to the presence of bullish crossover of 20 & 50 DMA’s at the lower end of Rs 138. This level is likely to act as a cushion in case of any downward movement.

ICICI Bank | Buy | Target Price: Rs 1,040 | Stop Loss: Rs 914
ICICI Bank is now showing signs of a revival after undergoing through shallow correction in July 2023 where the prices declined from the high of Rs 1,008 to all the way down to Rs 899. Price has been forming a classic double bottom pattern. Double Bottoms are trend reversal patterns. Breakout is expected above 955 level near its 100 DMA from where stock could gain strength till Rs 1040. View will remain intact till it holds above Rs 914.

Voltas | Sell | Target Price: Rs 780 | Stop Loss: Rs 840
Voltas is in a negative trend on the daily chart. The recent rise witnessed selling pressure at the resistance level near its 50 DMA followed by the breach of the rising trendline. This indicates a bearish continuation sign. With a stop loss at Rs 840, the stock appears weak, with a potential target of Rs 780.

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

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