GE Vernova T&D India has been recommended as a buy opportunity with specific trading parameters. According to Mirae Asset ShareKhan, the stock should be bought in the range of ₹4,367-4,378 with a stop loss at ₹4,185 and a target of ₹4,593. The analyst notes that on the weekly chart, the stock has been consolidating within a broad range over the last six weeks while taking support near the 40-week Exponential Moving Average (EMA). On the daily chart, an inverted Head and Shoulders pattern has formed, with the price trading above its short-term averages as well as the 200 DEMA.
Three major stocks have been identified for selling based on technical analysis. Life Insurance Corporation of India is recommended for selling in the range of ₹412-411 with a stop loss at ₹425 and target of ₹395. According to the analysis, the stock has been trading in a range for the last three weeks on the weekly chart, with a head-and-shoulders pattern forming below the short-term averages, indicating bearish momentum. Tata Steel is suggested for selling in the range of ₹185.70-185.60 with a stop loss at ₹193 and target of ₹177. The stock is showing multiple rejections from the 20-week and 40-week Exponential Moving Averages on the weekly chart.
The technical analysis reveals key resistance and support levels for the recommended stocks. For GE Vernova T&D India, key resistance is placed at ₹4,500 while support is seen at ₹4,300. The RSI has witnessed a bullish crossover, signaling strengthening momentum and increasing buying interest. For LIC, key resistance is at ₹420 while support is placed at ₹405. The breakdown below the neckline could trigger further selling pressure. For Tata Steel, the stock is showing multiple rejections from the 20-week and 40-week EMAs, with the breakdown below the neckline expected to trigger further selling pressure. Recent technical analysis from Motilal Oswal indicates the stock has been in consolidation for the past month and underperformed the broader metals space, with immediate support placed in the ₹180-175 range.
Tata Steel shares fell nearly 3% on Friday, 11 September, amid weak market trends, with the stock ending at ₹182.85 on the BSE. The stock has remained under pressure across multiple timeframes, declining 3.25% over the past week, 1.80% over two weeks, 2.95% over one month, 7.65% over three months, and 6.16% over six months. The broader market also declined with Sensex falling 120.83 points to end at 74,781.76 and the NSE Nifty dropping 79.70 points to 23,398.10. Analysts from Motilal Oswal and Angel One have flagged continued consolidation and cautious near-term technical outlook for the steel major.
