Indian headline indices settled marginally decrease on Tuesday, following a uneven buying and selling session. Merchants awaited the result of the RBI’s financial coverage due later this week. The 30-share pack BSE Sensex declined 110.64 factors, or 0.15 per cent to settle at 73,903.91. The NSE Nifty index shed 8.70 factors, or 0.04 per cent, to finish at 22,453.30.

A couple of shares specifically Tata Metal Ltd, Dr Reddy’s Laboratories Ltd and Axis Financial institution Ltd might be on investor radar at the moment. Here’s what Pravesh Gour, Senior Technical Analyst at Swastika Investmart has to say on these shares forward of Wednesday’s buying and selling session:

Tata Metal | Resistance: 170-200 | Help: Rs 150-138
On the weekly timeframe, Tata Metal has given a breakout to a Cup & Deal with formation. On the every day chart, it has skilled a V-shaped restoration from 50-DMA with excessive volumes, supporting the pattern. Moreover, Nifty Metals are additionally shining, because the index is buying and selling at an all-time excessive trajectory. Speaking in regards to the technical ranges, the primary resistance zone for the inventory is at Rs 170, with a major variety of name writers positioned above that stage. The subsequent resistance zone might be at Rs 200. On the draw back, the Rs 150 stage would be the first assist zone the place the 20 DMA is positioned. If the inventory slips under Rs 150, the subsequent main assist might be at Rs 138.

Dr Reddy’s Laboratories | Resistance: 6,500-6,700 | Help: Rs 6,000
Dr Reddy’s has damaged out of a Cup & Deal with formation on the every day chart, accompanied by strong buying and selling volumes. After efficiently retesting the breakout stage close to Rs 6,000, the inventory has initiated a contemporary upward motion focusing on Rs 6,500. Buying and selling above key transferring averages is including to its attractiveness. Supporting the bullish sentiment, the MACD indicator reveals power. The momentum indicators are additionally favorably positioned. Trying forward, overcoming the quick resistance at Rs 6,500 might pave the way in which for additional upside in direction of Rs 6,700 and past. Conversely, the Rs 6,000 stage is anticipated to behave as a stable assist stage in case of any corrective strikes.

Axis Financial institution | Resistance: 1,080-1,1160 | Help: Rs 1,020
After a wholesome correction, Axis Financial institution has taken assist at its 200-DMA. Lately, the inventory have seen brief coverings. On the upside, the primary resistance zone is at Rs 1,080, the place a bundle of transferring averages is positioned. If the inventory sustains over that stage, one can see coverings in direction of the Rs 1,160 stage. On the draw back, the Rs 1,020 stage will play an vital assist position. Under that, one can anticipate a dip in direction of the Rs 950 stage.

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