Bharti Airtel, Indian Hotels, ITI: Trading strategy for these buzzing stocks

Domestic stock indices managed to post gains on Wednesday despite staying in the red for most part of the day. The BSE barometer Sensex added 100.26 points, or 0.15 per cent, to settle at 65,880.52. NSE's Nifty gained 36.15 points, or 0.18 per cent, to close at 19,611.05.

Select stocks namely Bharti Airtel, Indian Hotels Co and ITI are likely to be in the spotlight today. Here is what Rupak De, Senior Technical analyst at LKP Securities has to say on these stocks ahead of Thursday's trading session:

Bharti Airtel | Buy | Target Price: Rs 950 | Stop Loss: Rs 844
Bharti Airtel recently broke out of a consolidation pattern on the daily chart, signaling an increasing bullish sentiment. It has also surpassed a critical moving average, further reinforcing the bullish outlook. The RSI is in a bullish crossover, adding to the positive sentiment. In the short term, the stock is expected to target Rs 950, with support at Rs 844 providing potential downside protection.

Indian Hotels Co | Buy | Target Price: Rs 465-475 | Stop Loss: Rs 410
Indian Hotels is displaying promising signs, with a strong range breakout and significant volume on the daily chart. The stock is trading above both its 200-day and 50-day moving averages, further reinforcing its bullish outlook. A daily RSI of 72 signifies strong momentum. Traders may consider a long position between Rs 422-428 levels, with a strict stop loss at Rs 410, targeting gains of Rs 465 and Rs 475.

ITI | Buy | Target Price: Rs 145 | Stop Loss: Rs 119
ITI's stock exhibits strong technical signals, including a breakout above falling trendlines on both daily and weekly charts with substantial volume support. It's also trading above its 50-day and 200-day moving averages. The RSI at 70 indicates robust momentum. Consider a long position between Rs 125-127, with a tight stop loss at Rs 119 (aligned with the 50-day moving average) and targets of Rs 145 on the upside.


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