The Indian stock market staged a strong recovery on Monday, September 21, with the Sensex rising 564 points to 74,859 and the Nifty 50 gaining 68 points to 23,414.
Amid the market movement, Sachin Gupta, Vice President – Technical Research at Choice Broking, highlighted LIC Housing Finance, ITC and Hindustan Zinc based on their technical setups. He outlined specific entry levels, stop-losses and price targets for the three stocks.
LIC Housing Finance
Monday’s closing price: ₹568.00
According to Gupta, LIC Housing Finance is displaying bullish momentum on its daily chart. The stock was trading around ₹569.5 and had gained nearly 4% during the session. The technical setup showed a decisive breakout above a key resistance area, accompanied by strong trading volume.
The stock was also holding above its 21-EMA and 200-SMA, which, according to the analyst, supported the positive trend. The MACD remained in positive territory and was moving higher.
Based on this setup, Gupta suggested a buy level of ₹569.5, with a stop-loss at ₹550 and a target of ₹610. The ₹550 level was identified as an important support area. The stock’s September 21 closing price of ₹568 is also reflected in historical market data.
ITC
Monday’s closing price: ₹267.00
ITC’s daily chart, according to Gupta, was showing signs of a possible trend reversal. The stock was trading around ₹267.5 and had formed a rounding bottom pattern at lower levels.
The latest candle closed above the closing levels seen during the previous 15 sessions, indicating stronger buying activity and consolidation in the price. The stock had also moved above its 21-EMA, adding to the technical setup described by the analyst.
Gupta suggested ₹267.5 as the buy level, with a stop-loss of ₹258 and a target of ₹288. According to his analysis, the setup would remain positive as long as the stock holds the ₹258 level.
Hindustan Zinc
Monday’s closing price: ₹591.80
Hindustan Zinc was also highlighted for its technical structure. Gupta said the stock was trading around ₹593 and forming a higher-low pattern on the daily chart.
Recent price action was accompanied by rising volumes, which indicated increased buying activity. The stock was also holding above its 21-EMA and 200-SMA, while the MACD had turned positive.
Based on these technical indicators, Gupta suggested ₹593 as the buy level, with a stop-loss at ₹578 and a target of ₹624. He said the technical setup would remain positive as long as the ₹578 level holds. Historical data shows Hindustan Zinc closed at ₹591.80 on September 21.
Disclaimer: The stock levels and technical views mentioned in this article are those of Sachin Gupta of Choice Broking and are presented for informational purposes. They should not be treated as personal investment advice or a guarantee of future returns. Investors should conduct their own research and consider their financial goals, risk tolerance and the latest company and market information before making any investment decision.