Indian equity markets ended the week on a positive note on October 16, with both benchmark indices recording gains. The BSE Sensex advanced 413.66 points, or 0.56%, to close at 74,729.27, while the Nifty 50 climbed 148.80 points, or 0.65%, to finish at 23,146.15.
Against this backdrop, Deepesh Saraogi, Technical Research Analyst at Choice Broking, has identified three stocks showing bullish technical signals: Bharti Airtel, Naukri, operated by Info Edge (India) Ltd, and ITC Hotels. Their chart patterns and momentum indicators suggest potential upward movement, according to the analysis. Here is a closer look at the technical outlook, target prices and suggested stop-loss levels for these stocks.
1. Bharti Airtel Share Price and Technical Outlook
Friday’s closing price: ₹1,905.00, up 2.75%
Bharti Airtel has formed a strong bullish breakout candle on its daily chart after recovering from the ₹1,740–₹1,760 support zone. The stock closed at ₹1,905, moving above its 20-day, 50-day, 100-day and 200-day exponential moving averages (EMAs) in a single upward move.
The stock’s 14-period Relative Strength Index (RSI) has climbed to 61.82 and moved well above its signal line. This indicates improving bullish momentum and renewed buying interest.
Consecutive positive trading candles and a breakout above key moving averages suggest the stock could move towards its previous highs, according to the technical assessment.
Deepesh Saraogi has set a target price of ₹2,010 for Bharti Airtel and recommended a stop-loss at ₹1,825.
2. Naukri (Info Edge India) Share Price and Outlook
Friday’s closing price: ₹1,265.10, up 2.42%
Naukri, operated by Info Edge (India) Ltd, has recorded a large bullish breakout candle on its daily chart. The stock had previously established a consolidation base near the ₹1,200–₹1,210 support range before moving higher.
It has now closed above its 20-day, 50-day, 100-day and 200-day EMAs, recovering important levels associated with its short-term and long-term trends.
The 14-period RSI has increased to 53.80, crossing above both its signal line and the midpoint. These movements point to improving momentum. The recent series of positive candles, buying activity at lower levels and breakout after several weeks of range-bound trading suggest the stock may have room to advance towards previous highs.
The technical analysis identifies a target price of ₹1,395 for Naukri, with a stop-loss at ₹1,200.
3. ITC Hotels Share Price and Technical Analysis
Friday’s closing price: ₹162.40, up 2.34%
ITC Hotels is showing signs of a potential trend reversal, with a rounding-bottom pattern taking shape on its daily chart. The stock has established a support zone between ₹152 and ₹154.
Its 14-period RSI has moved above the signal line and reached 56.60, indicating improving momentum and increased buying interest.
The stock has closed above its 20-day and 50-day EMAs and is attempting to move beyond the 100-day EMA. The 200-day EMA remains an important longer-term level to watch.
Recent consolidation, followed by several positive candles, suggests a possible upward setup as the stock absorbs selling pressure. However, the continuation of this trend will depend on how the price behaves around key technical levels.
The analysis sets a target price of ₹178 for ITC Hotels and recommends a stop-loss at ₹115.
Disclaimer
This article is for informational and educational purposes only and should not be treated as investment advice or a recommendation to buy or sell any stock. The target prices and stop-loss levels mentioned are based on the cited technical analysis and are not guaranteed outcomes. Stock market investments carry risks, and readers should conduct their own research or consult a registered financial adviser before making investment decisions.
