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After a tug of war between the bulls and the bears, Dalal Street snapped a five-day losing streak on Thursday. The BSE Sensex gained 78.94 points, or 0.14 per cent, to 57,634.84. The NSE Nifty added 13.45 points, or 0.08 per cent, to 16,985.60. Select stocks such as Asian Paints, Hindalco and ICICI Bank were on traders’ radar. Here is what Rohan Shah, Head Technical Analyst at Stoxbox has to say on these three stocks during the Friday’s trading session:Asian Paints | Hold | Target Price: Rs 2,970-3,030 | Stop Loss: Rs 2,830 Asian Paints shares have recovered smartly from the recent low and are seen forming higher high-lows on the lower timeframe chart, suggesting a bullish bias. The stock is currently placed around 38.2 per cent retracement level of its prior decline from Rs 3,242 to Rs 2,685. The upside may upward accelerate, once the stock sustains above Rs 2,900. If it does, it will open the way for Rs 2,970 and Rs 3,030 levels. A failure to do so, would call for profit booking and drag the price lower towards Rs 2,830, followed by Rs 2,745 level.Hindalco | Cautious | Resistance: Rs 405-410 | Support: Rs 367-353 Hindalco has been under pressure, plummeting 23 per cent from the recent swing high. The selloff in price has resulted in the stock moving towards the 61.8 per cent retracement level of its prior up move from Rs 311 to Rs 504 levels. Going forward, a slide below Rs 385-380 zone, shall attract further bearish momentum towards Rs 367 and Rs 353 levels. On the other hand, Rs 405-410 zone shall act as an intermediate hurdle for the bulls.ICICI Bank | Hold | Target Price: Rs 875 | Stop Loss: Rs 770 ICICI Bank witnessed profit booking from all-time high level. It has fallen more than 15 per cent since. The stock currently stands around the polarity support. If it holds that support, an up move cannot be ruled out. Thus, till the stock holds above Rs 820-810, it may make an attempt to rally higher toward Rs 875 in the near term. On the flip side, a failure to hold above the mentioned support would call for further decline, taking the price lower till Rs 770 and eventually below the Rs 750-mark.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Business Today)
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