Dalal Street shares fell on Monday due to concerns about the banking sector in the West. The 30 share pack of the BSE Sensex dropped 360 points, or 0.62 per cent, to close at 57,628. The NSE's Nifty declined by 111.65 points, or 0.65 per cent, to settle at 16,988. Here is what Vaishali Parekh, Vice President Technical Research at Prabhudas Lilladher has to say on these stocks ahead of Tuesday's trading session:
After a short correction, Hindustan Unilever has formed a bullish candle on the daily chart. There are indications that there will be a reversal of the trend with decent volume participation. The RSI indicator has indicated a turnaround from the oversold zone in order to signal a Buy We anticipate a further upward movement on the counter in the coming days. The stock may test for Rs 2,630 -- 2,650 levels. A support is near Rs 2,430 level.
Bajaj Finance has turned weak, breaching an important support region of Rs 5,630 -- 5,600 levels. The next major support visible in the Rs 5,250 -- 5,200 zone can be seen as a result of the slide in the coming days. Bajaj Finance shares have to close above the Rs 5,750 zone for an upside move, as a result of the trend to improve.
Bharat Petroleum has shown strength above the resistance barrier of Rs 355 zone, along with volume participation. There is a chance that there is an upside of Rs 390 -- 395 levels. The RSI indicator is showing strength. Near-term support is likely to be at Rs 355 level. The overall trend may not change until a decisive breach below the Rs 340 level.