Support and Resistance Levels for Key Stocks

Indian stock market faced a rough day on Tuesday, with major drops in benchmark indices. The BSE Sensex fell sharply by 692.89 points, closing at 78,956.03, while the NSE’s Nifty50 dropped 208 points to finish at 24,139. Investors were spooked by ongoing selling from foreign institutional investors (FIIs) and muted global market cues.

Amidst this backdrop, several stocks stood out, particularly HDFC Bank, Bharti Airtel, and Hindustan Aeronautics Ltd. These companies are drawing the attention of traders as they prepare for trading on Wednesday. Pravesh Gour, a Senior Technical Analyst from Swastika Investmart, shared insights on these stocks.

For Bharti Airtel, the current trading range lies between Rs 1,400 and Rs 1,520. Here, Rs 1,400 acts as immediate support and Rs 1,520 as resistance. If it breaks above Rs 1,520, we could see a surge towards Rs 1,600 and Rs 1,700. Conversely, if it dips below Rs 1,400, it might decline towards the next support level at Rs 1,360.

Hindustan Aeronautics, on the other hand, has been experiencing some fluctuations but found support at its 100 DEMA and initiated a recovery. The key resistance to watch is at Rs 4,850, and if it surpasses that, a climb toward Rs 5,000 is expected. The crucial support levels are Rs 4,600 and, if that breaks, we could see it fall near Rs 4,480.

Lastly, HDFC Bank faced challenges as it opened weak, down nearly 3.5%. The immediate support at Rs 1,600 is critical, as many put writers have placed their bets here. If it drops below this level, it could slide down to Rs 1,540. Meanwhile, the key resistance is pegged at Rs 1,630.