Stock Market Update: Tata Steel, HDFC Bank, Asian Paints in Focus Ahead of Trading Session

As the domestic stock indices witnessed a slight decline on Monday, investors and traders are closely watching the movements of key blue-chip stocks such as Tata Steel, HDFC Bank, and Asian Paints. The BSE Sensex and NSE Nifty experienced a dip ahead of upcoming inflation data releases in the US and Europe, losing 352.67 and 90.65 points, respectively.

According to Technical Research Analyst Shiju Koothupalakkal from Prabhudas Lilladher, HDFC Bank is currently hovering around the Rs 1,400 level, with strong long-term support at Rs 1,360. Traders are advised to accumulate the stock with a target price range of Rs 1,480-1,580, anticipating further rise in strength towards the 200-period MA level.

Asian Paints, a prominent player in the market, has recently fallen below the crucial support level of Rs 2,900. This decline has shifted the bias slightly, requiring the stock to exceed the Rs 2,930 resistance level decisively to improve the overall sentiment. The next support level is expected around Rs 2,770.

For Tata Steel, a resistance barrier has been observed at the Rs 147 mark, indicating a double top formation on the daily chart. Despite recent profit booking, the stock has found support near the 50-EMA level at Rs 137. A breach above Rs 147 could signal a breakout and potentially lead to targets at Rs 158 and Rs 172. Conversely, a drop below the 100-DMA at Rs 130 would weaken the trend.

Traders and investors are advised to monitor these key levels and technical patterns in Tata Steel, HDFC Bank, and Asian Paints as the market opens for the next trading session.